Bitmine bought another 101,745 ether this past week, spending roughly $237.8 million as the company keeps pushing toward its goal of owning 5% of all Ethereum in circulation. The purchases bring its total stash to about 5.18 million tokens — or 4.3% of the circulating supply — and put the firm 86% of the way to its target after 10 months of accumulation.
The pace of buying
Chairman Thomas Lee said the company has maintained an increased pace of ETH buys for four straight weeks. He argued that ether is in the final stages of what he called a 'mini-crypto winter' and that a 'crypto spring' has already started. Bitmine originally focused on Bitcoin mining but pivoted to an Ethereum treasury strategy in mid-2025.
The buying spree isn't slowing. Bitmine now holds roughly 4.36 million ETH in the proof-of-stake staking contract — more than 84% of its entire treasury. That means the firm is earning yield on the vast majority of its reserves while still adding to the pile.
Where Bitmine stands relative to others
The company is the second-largest digital asset treasury in the world, behind only Strategy — the firm formerly known as MicroStrategy. Strategy currently holds 818,334 bitcoin, equivalent to about 4.08% of the Bitcoin supply. But the comparison isn't perfect: Strategy skipped its regular Monday bitcoin purchase this week, a rare pause.
Strategy's holdings are concentrated in BTC; Bitmine's are almost entirely ETH. The two firms represent a growing trend of public companies treating crypto as a primary reserve asset.
Market backdrop
Ethereum's price has been drifting, up about 1.2% over the past seven days to around $2,340. Meanwhile, U.S. spot ether ETFs saw net outflows of $82.47 million during the same period — meaning institutional money flowing through regulated funds is heading the other way. Bitmine's buying is filling part of that gap, though it's unclear whether retail or other whales are following suit.
The timing isn't great for a headline grab: ETH is still well off its all-time high, and the ETF outflows suggest some investors are taking profits or cutting losses. But Lee sees a bottom forming.
What Lee is betting on
Lee's public comments suggest Bitmine views the current price as a bargain before a broader rally. He described the market as entering a 'crypto spring,' implying that the worst of the downturn is over. Whether that forecast holds depends on a lot of variables — regulatory clarity, macroeconomic shifts, and whether other large holders start accumulating again.
One unresolved question: How will Bitmine get from 86% to 100% of its 5% target? At the current pace, that could take another month or two. But if the price jumps, the cost of hitting the target rises. For now, the company is simply buying through the lull.
