Ethereum treasury company Bitmine has expanded its holdings with another ETH acquisition, reaching 86% of the way to its 5% supply goal.
Bitmine Accumulated 101,745 ETH Over The Past Week
According to a press release, Bitmine has furthered its Ethereum accumulation over the past week. In total, the treasury company has added 101,745 ETH with this buying spree, worth about $237.8 million at the current exchange rate.
Originally a Bitcoin mining-focused firm, Bitmine under the leadership of chairman Thomas “Tom” Lee adopted an ETH treasury strategy in mid-2025, following in the footsteps of Michael Saylor’s Strategy. Since then, the company has participated in some aggressive accumulation.
The firm’s buying has continued despite the bearish shift that the wider sector has observed since Q4 2025, which has put its holdings deep into the red. In fact, lately the company has even ramped up its buying. Lee noted:
Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter.’
After another notable buy during the past week, the firm’s ETH reserves have grown to about 5.18 million tokens, equivalent to nearly 4.3% of the entire circulating supply of the cryptocurrency.
Bitmine has set a target of 5% of the total ETH supply, so at its current holdings, the company is already around 86% of the way to the milestone in just 10 months of accumulation.
To generate passive income on its Ethereum holdings, Bitmine has been locking up its ETH in the proof-of-stake (PoS) contract. Currently, the firm has 4,362,757 ETH deposited in the staking contract, representing over 84% of its treasury reserves.
The company believes that a “crypto spring” is setting in, as Lee stated:
Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen. We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring.
Bitmine is overall the second-largest digital asset treasury in the world, only behind Strategy. The latter has also been aggressive in its Bitcoin buying, announcing regular Monday purchases. Though, while Bitmine has announced a fresh acquisition this Monday, Saylor’s firm has skipped this time.
The Strategy co-founder and chairman confirmed this ahead of time, as he wrote in an X post on Sunday, “No buys this week. Back to work next week.” Strategy currently owns 818,334 BTC, equivalent to 4.08% of the Bitcoin supply.
In some other news, the Ethereum spot exchange-traded funds (ETFs) saw net outflows during the past week, as data from SoSoValue shows. In total, $82.47 million left the US Ethereum spot ETFs with this negative netflow spike.
The trend in the ETH spot ETF netflow over the last two years | Source: SoSoValue
ETH Price
At the time of writing, Ethereum is floating around $2,340, up 1.2% in the last 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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