Bitmine, a major corporate holder of digital assets, now controls 4.66% of Ethereum's total supply after adding 76,881 ETH this month. The firm's total portfolio—including crypto, cash, marketable securities, and strategic holdings—reached $10.4 billion, according to its latest disclosures. The accumulation comes as Bitmine closed a preferred stock offering, signaling a continued push toward its stated goal of owning 5% of all ETH.
A 76,881 ETH Addition
The latest purchase brings Bitmine's Ethereum stash to 5.62 million coins. That's a shade under 4.7% of the entire supply, and it puts the company within striking distance of its self-imposed target. This month's addition alone is worth roughly $188 million at current prices, though Bitmine hasn't disclosed the exact average entry.
$10.4 Billion in Total Holdings
That figure isn't just ETH. Bitmine's $10.4 billion umbrella includes cash, marketable securities, and what the firm calls “strategic holdings” – likely stakes in other crypto projects or venture investments. The number gives a sense of scale: this isn't a single-asset bet, but a diversified balance sheet with Ethereum as the centerpiece.
Preferred Stock Offering Closed
Bitmine wrapped up a preferred stock round this week. The offering wasn't large enough to move markets, but it provides dry powder for more buying. The firm has been aggressive this year, scooping up ETH on dips and through OTC deals. Closing a fundraise while prices are relatively stable suggests management sees a window to accumulate before the next leg up – or before other big buyers step in.
The 5% Target
Bitmine has said publicly it wants to own 5% of Ethereum's total supply. At 4.66%, it's about one-third of a percentage point away – roughly 410,000 more ETH at current supply levels. The company hasn't laid out a timeline, but the pace of accumulation this quarter implies they could hit that goal within two to three months if they keep buying at the same rate. Whether market conditions or regulatory scrutiny will slow that down is the open question.
