Tom Lee's Bitmine added 10,399 ETH to its holdings last week, bringing its total to nearly 5.8 million ether. The purchase is the latest step in the firm's stated goal of owning 5% of Ethereum's circulating supply.
The latest buy
Bitmine, the crypto mining and investment firm led by well-known analyst Tom Lee, disclosed the acquisition in a statement. The 10,399 ETH were bought over several days last week. The company did not specify the average price paid or the source of funds.
The addition pushes Bitmine's total stash to roughly 5.8 million ETH. That makes it one of the largest known corporate holders of the digital asset, rivaling entities like the Ethereum Foundation and major exchange wallets.
The 5% target
Bitmine has publicly said it aims to own 5% of all ether in circulation. Reaching that threshold would require the firm to accumulate several million more tokens, depending on the total circulating supply at the time of purchase. The company has been steadily buying since early 2025, often in weekly increments of 5,000 to 15,000 ETH.
Tom Lee has described the strategy as a long-term bet on Ethereum's role as the base layer for decentralized finance and tokenization. He has not commented on the latest purchase directly.
Large-scale accumulation by a single entity can reduce the available supply on exchanges, potentially tightening liquidity. But Bitmine's buying has been gradual, and the firm has not indicated any plans to sell. The move is consistent with a growing trend of institutional and corporate investors treating ether as a reserve asset.
Ethereum's total supply is not fixed, but issuance is low relative to the amount being locked in staking and DeFi protocols. Bitmine's holdings represent a significant share of the liquid supply.
The next milestone for Bitmine will be crossing the 6 million ETH mark, which at the current pace could come within a few months. The company has not disclosed a deadline for reaching its 5% goal.
