Bitmine has acquired another 7,430 Ether, bringing its total stash to 5.77 million ETH — roughly 4.8% of all coins in circulation. The hoard is now worth more than $11 billion at current prices.
Stacking toward 6 million
The purchase comes as Bitmine's chief strategy officer Tom Lee pushes the firm toward a 6 million ETH target. The company has been steadily accumulating since early 2025, and this latest buy keeps it on pace to hit that mark within the next few months.
What 4.8% means
Bitmine's share of the circulating supply is now the largest of any single entity outside the Ethereum Foundation. The concentration has drawn attention from regulators and market watchers, though the firm has framed its accumulation as a long-term treasury play rather than an attempt to influence the network.
The timing isn't great for critics worried about centralization. Ethereum's shift to proof-of-stake already put a spotlight on large validators; Bitmine's growing position adds another layer of scrutiny.
Next steps
Lee hasn't said whether Bitmine will slow its buying once it crosses 6 million ETH. The company's next quarterly earnings call, expected in early August, could offer more detail on its accumulation strategy and any plans to stake or lend the holdings.
