Tom Lee's BitMine has added another $92 million worth of Ethereum to its treasury, pushing its holdings to 4.7% of the entire circulating supply. The firm, which describes itself as the leading Ethereum treasury company, is now within striking distance of its stated goal of accumulating 5% of all ETH in circulation.
The latest buy
BitMine disclosed the purchase this week, bringing its total Ethereum stack to a level that would make it one of the largest single holders of the asset outside of the Ethereum Foundation itself. The $92 million addition comes as ETH trades in a range that has attracted steady accumulation from institutional players, though few move at BitMine's scale.
Nearing the 5% target
The firm has been open about wanting to own 5% of the circulating supply. At 4.7%, it's just 0.3 percentage points away — roughly another $60–70 million worth of ether at current prices. That's not a huge sum for a treasury operation that has already deployed over $1 billion into ETH. Whether BitMine will announce another buy soon isn't clear, but the trajectory suggests the target is within reach this quarter.
A single entity holding nearly 5% of a major cryptocurrency's circulating supply is unusual. It concentrates market power and, for some observers, raises questions about decentralization. BitMine, however, frames its accumulation as a long-term treasury strategy, not an attempt to influence the network. Still, the sheer size of the position means any future sell-off by BitMine could move the market — a risk that other large holders have historically managed by using OTC desks and staggered sales.
For now, the buying continues. The next milestone — 5% — looks like a matter of when, not if.
