Bitmine Immersion Technologies is another step closer to its goal of owning 5% of Ethereum’s supply after buying another 32,447 ETH, worth roughly $81 million, last week.
Myriad: Ethereum next price move? Click to make your prediction.With Ethereum’s supply at approximately 120.7 million tokens, the 5% mark is about 6.04 million ETH. That puts Bitmine roughly 187,000 ETH short of its goal.
Bitmine's latest buy comes amid renewed interest and excitement in the crypto market, with the price of Ethereum exploding over the last week. ETH is up a whopping 31.5% in the last seven days, outperforming even Bitcoin's impressive gains of nearly 24% in the last week. ETH is currently trading for just under $2,500, up almost 3% in the last day alone.
Five percent is Bitmine’s own target, and crossing that threshold would not trigger a change to Ethereum or grant Bitmine control over transactions, upgrades, or governance.
“This is the largest weekly gain since May 2025, prior to that it was July 2021,” Chairman of Bitmine, Tom Lee, said in a statement. “In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH.” (Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company.)
With 87% of its ETH already staked, Bitmine has placed much of its supply outside active markets. It has not said whether it will stop buying at 5%.
Bitmine said it has staked 5,067,309 ETH, equal to 87% of its holdings, and the company projects $330 million in annual staking revenue.
For BMNR investors, 5% would bring more staking revenue if Ethereum performs well—and greater exposure to falling ETH prices, custody failures, financing costs, and regulatory changes if it does not.
