Bitmine Adds 10,399 ETH, Approaches 5.8M-Coin Treasury Target
Bitmine, the crypto treasury company chaired by Tom Lee, purchased 10,399 ETH last week, lifting its holdings to nearly 5.8 million coins. The firm is working toward a stated goal of owning 5% of Ethereum's circulating supply.
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Latest Purchase and Current Holdings
Bitmine acquired 10,399 ETH in the past week, according to statements from the company. The purchase brings Bitmine's total Ethereum holdings to approximately 5.8 million coins, representing a significant concentration of the asset on a single corporate balance sheet.
Strategic Accumulation Toward 5% Target
Bitmine is pursuing an explicit goal of accumulating 5% of Ethereum's circulating supply, according to Decrypt. At the current circulating supply of roughly 120 million ETH, 5% would equal approximately 6 million coins. At 5.8 million ETH, Bitmine is within striking distance of that threshold.
Chairman Tom Lee said the recent outperformance of Ethereum relative to Bitcoin signals strengthening crypto fundamentals, framing the accumulation as a bet on the sector's underlying health rather than a speculative trade.
Why It Matters
For Traders
Large corporate ETH accumulation at size may reduce spot supply available to retail buyers, potentially tightening the on-chain liquidity curve near key price levels.
For Investors
A major institutional player openly targeting 5% of ETH's float signals confidence in Ethereum's long-term value and reinforces narrative of institutional adoption.
For Builders
No direct protocol implication; this is a balance-sheet decision by an asset holder, not a change to Ethereum's technical or economic layer.
This article is for information only and is not financial advice. Read the full disclaimer.
