Bitmine has bought another $14 million worth of Ethereum, trimming its cash reserves to $104 million. The purchase extends a run that has left the miner holding 4.8% of all ETH in circulation for five straight weeks.
The latest buy
The $14 million outlay is the latest in a string of Ethereum acquisitions that have steadily drawn down Bitmine's balance sheet. Cash reserves now sit at $104 million, a level that still leaves room for more purchases, though the pace of spending is worth monitoring. The company hasn't said whether this is the last buy before it hits the 5% mark.
The 5% target
Bitmine's goal is to control 5% of all Ethereum in existence, a milestone it calls the "Alchemy of 5%." As of the most recent report, it holds 4.8% — a figure that has held steady for five weeks. That consistency suggests the company is adding tokens gradually rather than in one large block. The remaining gap is about 230,000 tokens, a meaningful but not insurmountable distance.
Cash position
The falling cash pile is the other side of the story. At $104 million, Bitmine still has dry powder, but the trend is clear: each purchase eats into reserves. If the company keeps buying at this rate, it will eventually need to raise fresh capital or slow down. For now, the miner appears committed to its Ethereum accumulation strategy.
What to watch
The next disclosure from Bitmine will show whether it has crossed the 5% threshold. If it does, that would mark a significant concentration of supply in one entity's hands. Until then, the market will be watching both the token count and the cash balance.
