BitMine is closing in on its target of holding 5% of Ethereum’s total supply after significantly increasing its ETH holdings last week.

The company bought an additional 32,447 ETH for approximately $81 million, taking its total holdings to 5,847,611 ETH. At August 23 prices, the company’s Ethereum position was worth around $15 billion.

With Ethereum’s circulating supply at roughly 120.7 million tokens, a 5% stake would require about 6.04 million ETH. BitMine therefore has approximately 187,000 ETH left to acquire before reaching its stated target.

The latest purchase comes as Ethereum continues to outperform Bitcoin. ETH has gained roughly 31.5% in the past seven days, compared with Bitcoin’s nearly 24% advance over the same period.

BitMine is also staking most of its Ethereum. About 87% of its holdings, or 5,067,309 ETH, are currently staked. The company expects those assets to generate around $330 million in annual staking revenue.

Ethereum Momentum Reinforces BitMine’s Accumulation

The purchase followed Ethereum’s strongest weekly performance in more than a year. ETH has climbed approximately 31% since August 19 and was trading just below $2,500, up nearly 3% over 24 hours.

The rally has also changed expectations in prediction markets. Myriad traders currently assign a 64% probability to ETH reaching $3,000 before declining to $1,500. That is a significant shift from the previous week, when the bearish outcome had attracted odds as high as 74%.

BitMine began accumulating Ethereum aggressively last summer. Its holdings represented about 1% of Ethereum’s supply in August before reaching 2% by September. The company then crossed 4.66 million ETH in March 2026 and 5.2 million in May.

Chairman Tom Lee previously suggested that BitMine would slow its purchases to avoid reaching the 5% threshold prematurely. However, the company’s holdings still climbed to roughly 5.79 million ETH by late July.

The buying comes alongside stronger Ethereum ETF activity. Recent inflows into ETH-based exchange-traded funds indicate renewed institutional interest, reinforcing the broader shift toward Ethereum reflected in BitMine’s purchases.

Lee has attributed the improved market environment to factors including easier financial conditions, supportive crypto policies from the White House and Treasury purchases of longer-term government debt.

5% of Ethereum Would Not Give BitMine Network Control

BitMine’s 5% objective is a corporate treasury goal rather than an Ethereum protocol milestone. Reaching it would not provide the company with special influence over transactions, network upgrades or governance.

Instead, it would increase BitMine’s exposure to ETH while leaving the company with a highly concentrated position. The fact that around 87% of its holdings are staked means the company is already using most of its Ethereum to generate yield.

For BMNR shareholders, that concentration creates both potential rewards and risks. If ETH continues rising, a larger position could boost staking income and overall treasury value. Conversely, falling ETH prices, custody problems, financing costs or regulatory changes could have a larger impact on the company.

BitMine has yet to say whether it will stop accumulating ETH once it reaches the 5% threshold. The pace of future purchases will therefore remain a key point for investors to monitor.

Ultimately, the durability of Ethereum’s rally may depend on whether institutional demand continues to build. If capital keeps moving into ETH ahead of broader adoption, BitMine’s aggressive accumulation could reflect a wider institutional trend.