Tom Lee's Bitmine now controls 4.8% of all Ethereum in circulation. The firm bought another 9,926 ETH last week, extending an accumulation run that has been going for more than a year — since June 2025, to be exact.
The latest purchase
That 9,926 ETH buy last week isn't pocket change. It's the kind of order that can move the market on its own, and it pushed Bitmine's total stake past the 4.8% mark. The firm has been adding steadily, week after week, without much fanfare.
Bitmine doesn't appear to be buying on dips or timing the market. The pattern is more mechanical than that — a steady drip that started in June 2025 and simply hasn't stopped.
A streak that keeps running
Thirteen months of consistent buying adds up. What began as a modest accumulation effort has turned Bitmine into one of the single largest Ethereum holders on record. Few entities — exchanges, funds, or otherwise — hold a comparable slice of the supply.
The pace matters as much as the total. If Bitmine kept buying at even a fraction of last week's rate, the position only grows. There's no sign of slowing down in the data we've seen.
What 4.8% actually means
Nearly 5% of Ethereum's supply sitting with one firm is a lot. It concentrates real influence over a network built around decentralization — not just in voting power on governance decisions, but in the simple fact that Bitmine's moves can swing prices.
A sale of that size would be a headline event. A continued buy streak, meanwhile, puts a floor under sentiment. Either way, the market is now watching Bitmine's wallet the way it watches exchange flows.
The open question is what Lee does next. The streak has run for over a year, and nothing in the buying pattern suggests it's ending soon. But at 4.8%, every additional purchase raises the stakes — and the scrutiny.
