BitMine Is One Purchase Away From Owning 5% of All Ethereum
- BitMine’s latest buy brings its Ethereum stack to 5,797,813 ETH, worth close to $10.9 billion.
- That’s 4.8% of every ETH in existence, just shy of the 5% supply target Tom Lee set for the company.
- Add in cash and other holdings, and BitMine’s total treasury now sits at $11.3 billion.
BitMine bought another 10,399 ETH last week. That pushed its total holdings to 5.79 million ETH, worth close to $10.9 billion on its own, and puts the company at 4.8% of every ether in circulation, within reach of the 5% target Tom Lee set for it more than a year ago.
Another Week, Another Buy
The company’s full treasury, including cash and other holdings, now stands at $11.3 billion. Roughly 4.9 million of the ETH is staked through BitMine’s own MAVAN platform, which the company expects to generate around $247 million a year in staking income.
Lee tied the purchase to performance rather than just supply math: “Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ has typically been followed by Bitmine’s shares outperforming ETH,” he said in Monday’s statement.
There’s nothing unusual about the announcement on its own. BitMine has put out some version of this same update almost every week for well over a year: buy ether, stake most of it, buy back stock, repeat. Last week’s buyback added 4.5 million shares, pushing total repurchases since July 1 past 16 million.
What Happens at 5%
What’s less routine is what comes after the company actually crosses that 5% line. No other public company has tied its stock this tightly to a single crypto asset’s supply.
Lee doesn’t treat the concentration as a liability. He’s pointed to ether’s 25-percentage-point outperformance of the Nasdaq 100 in July as the reason to keep buying, even with ETH still trading well under where it sat in 2025.
The timing also sets BitMine apart from the bitcoin treasury companies it’s often compared to. Strategy, the largest of them, sold roughly $105 million worth of bitcoin last week to fund a preferred-share buyback, trimming its stake rather than adding to it. BitMine has moved in the opposite direction through the same stretch, buying every week regardless of where ETH’s price sits.
That divergence has drawn a specific kind of institutional backer. ARK Invest’s Cathie Wood, Galaxy Digital, Pantera, and Kraken all hold positions in BitMine’s stock, betting less on ether’s price alone than on Lee’s willingness to keep accumulating through periods when other treasury companies are trimming.
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