Bitmine bought another 32,447 Ether last week, spending about $81 million to push its total holdings to 5,847,611 ETH. That puts the company's stack at roughly $15 billion as of Aug. 23 — and leaves it 187,000 tokens short of owning a full 5% of Ethereum's entire supply. The purchase lands during Ethereum's strongest week in over a year, with ETH up about 31% since Aug. 19 and trading just under $2,500.
A buying spree that started last summer
The accumulation isn't new. Bitmine began its campaign last summer, reaching 1% of Ethereum's supply by August, 2% by September, then climbing through 4.66 million ETH in March 2026 and 5.2 million in May. By late July it held 5.79 million. The latest buy is a smaller step than earlier ones, but it shows the push hasn't stalled. The company hasn't said whether it plans to stop at the 5% mark.
Staking is the engine
Most of that ETH isn't sitting idle. Some 87% of Bitmine's holdings — 5,067,309 tokens — are staked, and the company projects $330 million in annual staking revenue. That income is a big reason it's kept buying through a choppy year. The 5% target is self-imposed, not a protocol rule. Crossing it wouldn't change Ethereum's mechanics or give Bitmine control over transactions, upgrades, or governance.
The market turned in a week
The price backdrop helps. Bitmine chairman Tom Lee pointed to easing financial conditions, White House support for crypto, and Treasury purchases of long-term bonds as drivers of the weekly gain, which he compared to the biggest since May 2025 and July 2021. Prediction markets have flipped too: they now put a 64% chance that ETH hits $3,000 before dropping to $1,500, a reversal from bearish odds as high as 74% less than a week ago. Ethereum ETF inflows have also picked up in recent sessions, reinforcing the risk-on rotation into ETH.
Concentration cuts both ways
For BMNR shareholders, the heavy ETH bet is a double-edged sword. More staking revenue if Ethereum performs well, but a harder fall if it doesn't. Custody failures, financing costs, and regulatory shifts all loom larger when one asset dominates the book. Bitmine also holds 210 Bitcoin, a $180 million stake in Beast Industries, and an $89 million stake in Eightco Holdings — but Ether is clearly the core. Whether the company stops at 5% or keeps going is an open question; it hasn't said.
The next purchase, if one comes, will be the first sign of whether the threshold is a ceiling or just a waypoint.
