Bitmine Holds 5.79M ETH, Crosses 4.8% of Ethereum Supply
Bitmine now holds 5.79 million ETH, representing 4.8% of Ethereum's circulating supply, according to Decrypt reporting. The firm is expanding staking operations and share buyback programs while pursuing its stated 5% accumulation target.
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Story Updates
- Updated Aug 23, 2026, 06:04 AM: Bitmine now confirmed to hold 5.79M ETH (4.8% of supply); staking and buyback programs under way.
- Updated Aug 17, 2026, 05:03 PM: Bitmine now 96% toward 5% supply goal; latest purchase cost approximately $19 million.
- Updated Aug 16, 2026, 07:03 PM: CryptoPotato independently confirmed the 10,399 ETH purchase and Tom Lee's framing of the trade.
Current Holdings and Progress Toward Target
Bitmine holds 5.79 million ETH, equal to 4.8% of Ethereum's circulating supply, according to Decrypt. The holdings represent near-completion of the company's stated goal of accumulating 5% of the network's coins. At current circulating supply of roughly 120 million ETH, reaching 5% would require approximately 6 million coins, leaving the firm roughly 210,000 ETH short of its target.
Treasury Size and Accumulation Strategy
Bitmine's Ethereum position has grown to a value of approximately $11.8 billion at current market prices, according to the company. Chairman Tom Lee has characterized the accumulation as a bet on Ethereum's underlying health rather than short-term speculation, citing recent outperformance relative to Bitcoin. The company has stated its intent to continue purchasing toward the 5% threshold.
Expanding Operations Beyond Holdings
Beyond balance-sheet accumulation, Bitmine is expanding its staking operations and executing a share buyback program, according to reporting. The staking expansion suggests the firm intends to generate yield from its ETH holdings rather than hold them passively. Details on the timing and scale of the buyback program were not disclosed.
Why It Matters
For Traders
Final tranche to 5% target likely within reach; completion may signal end of institutional accumulation phase and potential spot supply relief.
For Investors
Bitmine's proximity to a symbolic 5% stake and staking operations signal sustained institutional conviction in Ethereum's long-term utility and economics.
For Builders
No direct protocol impact; Bitmine's staking participation may marginally increase Ethereum's validator set participation if the company operates its own infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
