Ethereum treasury company Bitmine has expanded its holdings with further ETH acquisitions, reaching 86% of its supply target of 5%.
Bitmine accumulated 101,745 ETH in the past week
According to a press release, Bitmine has accumulated more Ethereum over the past week. With this buyout, the treasury company added a total of 101,745 ETH, which is equivalent to approximately $237.8 million at current exchange rates.
Originally a company focused on Bitcoin mining, under the leadership of Chairman Thomas “Tom” Lee, Bitmine followed in the footsteps of the Michael Saylor strategy and adopted the ETH financial strategy in mid-2025. Since then, the company has participated in active accumulation.
The company’s buying has continued despite the bearish shift observed across a wide range of sectors since Q4 2025, resulting in holdings in the red. In fact, the company has even stepped up its acquisitions recently. Mr Lee said:
As our base case ETH is in the final stages of a “mini-crypto winter”, Bitmine has maintained an increasing pace of ETH purchases in each of the past four weeks.
After further notable purchases over the past week, the company’s ETH reserves have increased to approximately 5.18 million tokens. This represents almost 4.3% of the total circulating supply of cryptocurrencies.
Bitmine has set a goal of 5% of the total ETH supply, so with its current holdings, it has already reached about 86% of the milestone after just 10 months of accumulation.
To generate passive income from its Ethereum holdings, Bitmine has been locking up its ETH in proof-of-stake (PoS) contracts. Currently, the company has 4,362,757 ETH deposited in staking contracts, representing over 84% of its financial reserves.
As Lee stated, the company believes that a “crypto spring” is beginning.
In our view, the “crypto spring” has begun and, as in past cycles, investor sentiment and beliefs are bearish even though crypto prices are rising. We believe that the passage, or likely failure, of the CLARITY Act confirms the arrival of spring for cryptocurrencies.
Overall, Bitmine is the second largest treasure trove of digital assets in the world after Strategy. The latter is also active in purchasing Bitcoin, announcing regular purchases on Mondays. However, while Bitmine announced a new acquisition this Monday, Saylor’s company held off this time.
Strategy’s co-founder and chairman acknowledged this in advance, as he wrote in an X post on Sunday: “I won’t be buying this week. I’ll be back to work next week.” Strategy currently holds 818,334 BTC, which is 4.08% of the Bitcoin supply.
In other news, Ethereum spot exchange-traded funds (ETFs) recorded net outflows over the past week, SoSoValue data shows. This surge in negative net flows left a total of $82.47 million out of the US Ethereum Spot ETF.
The trend in the ETH spot ETF netflow over the last two years | Source: SoSoValue
ETH price
At the time of writing, Ethereum is hovering around $2,340, up 1.2% over the past seven days.
Looks like the price of the coin has been going up over the last few days | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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