Bitmine now holds 5.78 million ether, adding over 7,400 ETH this week alone. The stash represents nearly 5% of Ethereum's circulating supply, a concentration that underscores the growing institutional appetite for the asset even as Bitcoin's relative performance lags.
Nearly 5% of the float
That's a big chunk of Ethereum's available supply — roughly one in every twenty coins. For context, the entire Ethereum network mints about 10,000 ETH daily through proof-of-stake rewards. So in one week, Bitmine accumulated the equivalent of about three-quarters of a day's issuance. The exchange doesn't appear to be selling, either. Its treasury has been steadily growing for months.
The Ether-Bitcoin divergence
This buying spree comes at a moment when ether is beating bitcoin. The article title itself flags that trend: Ether outperforming Bitcoin. With Bitcoin stuck in a range and spot ETFs still digesting flows, some money is rotating into ETH. Bitmine's own purchases are both a bet on that rotation and a potential driver of it.
What the week's buys mean
The 7,430 ETH added over the past seven days is a meaningful sum — equivalent to roughly $20 million at current prices. But the real story is the cumulative effect. Bitmine now controls a supply share that could let it influence price action if it ever changed course. So far, the direction is one way: accumulation.
The exchange hasn't commented on its buying plans or treasury strategy. But with nearly 5% of all ether in its wallet, Bitmine's next move — whether it holds, stakes, or deploys those coins — is now a market-moving factor. The next quarterly report, due in August, should offer the first official update since this week's buys.
