Bitmine Buys Another 9,946 ETH, Nears 5% of Total Supply

Bitmine has added another 9,946 ETH to its corporate treasury this week, pushing the company closer to holding 5% of all Ethereum in circulation. The purchase was disclosed via a press release, marking the latest in a series of weekly buys that have steadily accumulated a massive position.

Weekly ETH accumulation

The company, associated with analyst Tom Lee, has been buying Ethereum on a weekly cadence. This latest tranche brings Bitmine's total holdings to just shy of 5% of the total ETH supply — a threshold that would make it one of the largest single holders of the asset. The firm didn't specify the average price paid or the source of the funds.

Share buyback and stock reaction

Alongside the ETH purchase, Bitmine announced a buyback of 6.1 million shares of its own stock, BMNR. The market responded positively: shares rose more than 5% on the day of the announcement. The dual moves — buying crypto while repurchasing equity — signal a strategy that leans heavily on the company's own valuation and its bet on Ethereum.

Bitmine hasn't said whether it plans to slow or accelerate its weekly ETH buys once it crosses the 5% mark. The next weekly purchase announcement is expected in about seven days. For now, the firm is one of the most aggressive corporate accumulators of Ethereum, and the market is watching to see if that pace holds.