Bitmine Reaches 4.9% of Ethereum Supply Amid Institutional Accumulation Push

$131M Weekly Purchase Propels Bitmine Closer to 5% Goal

Bitmine, the NYSE-listed company chaired by cryptocurrency analyst Tom Lee, has stepped up its Ethereum acquisition pace, purchasing 53,501 ETH valued at approximately $131 million in its largest single-week buy since June. According to Bitmine’s announcement, the purchase raises the company’s Ethereum holdings to 5,901,112 tokens, representing 4.9% of Ethereum’s total circulating supply of 120.7 million coins.

The acquisition represents another milestone in Bitmine’s stated objective to accumulate 5% of Ethereum’s network supply—what the company calls the “Alchemy of 5%.” With less than 2% remaining to reach this target, the firm has maintained an unbroken purchasing streak spanning 65 weeks, having acquired Ethereum every single week since launching its treasury strategy on June 30, 2025.

Institutional Conviction Drives Asset Performance

The accelerated buying activity coincides with what Bitmine characterizes as crypto’s robust third-quarter performance. According to the company, Ethereum, Bitcoin, and Solana have emerged as the best-performing assets since the treasury strategy’s launch, with Ethereum demonstrating particular strength—outpacing the S&P 500 by 5,430 basis points through the current quarter.

Bitmine’s total holdings, encompassing cash, tokens, and broader investments, reached $15.6 billion as of the purchase date. Beyond Ethereum, the company maintains positions including 211 Bitcoin, $541 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco Holdings. These diversified holdings underscore institutional recognition that digital assets warrant multiple exposure vectors within corporate treasuries.

Staking Revenue Reshapes Treasury Economics

Beyond accumulation, Bitmine has implemented yield-generating strategies that transform its crypto holdings into revenue-producing assets. The company has staked approximately 5,067,309 ETH—86% of its Ethereum holdings—through its MAVAN platform, generating projected annualized revenue of approximately $335 million from staking rewards alone.

This dual-strategy approach exemplifies how institutional players now view cryptocurrency participation. Rather than purely speculative holdings, these assets function as yield-bearing components of corporate financial structures, generating cash flows that partially offset acquisition costs. This model suggests a maturation in how institutions approach digital asset integration.

Bitmine remains the world’s largest Ethereum treasury and ranks as the second-largest crypto treasury globally, surpassed only by MicroStrategy’s Bitcoin-focused strategy. MicroStrategy, which holds approximately $66 billion in Bitcoin, recently resumed purchases after a two-month pause, acquiring roughly $370 million in Bitcoin this week—signaling renewed institutional confidence in the asset class.

Tom Lee has highlighted the mid-September Clarity Act vote as a potential regulatory catalyst that could accelerate institutional adoption heading into year-end, suggesting that clearer legal frameworks may unlock broader corporate participation in digital assets.

Why it matters: Large-scale institutional accumulation and yield generation from cryptocurrency holdings signal confidence that digital assets will remain central to global finance, potentially benefiting the entire crypto ecosystem including emerging platforms.

Source: Bitmine, via Decrypt. Not financial advice.