Bitmine has accumulated 5.9 million Ether, representing 4.9% of Ethereum's 120.7 million circulating token supply, according to an announcement dated August 31. The company added 53,501 ETH in its latest weekly purchase, bringing its total holdings to approximately $14.8 billion at current prices.
Bitmine, the digital-asset firm led by Fundstrat's Tom Lee, has been steadily acquiring Ether at a pace that keeps it within striking distance of a stated 5% ownership target. At current holdings, the company sits just 0.1 percentage points below that threshold.
The scale of Bitmine's position is material to Ethereum's token distribution. Grayscale Investments and other large institutional holders have accumulated substantial Ether positions over the past two years, but few private firms have disclosed holdings approaching Bitmine's magnitude. The company's weekly purchases have been consistent enough that the 5.9 million figure represents a meaningful shift in how concentrated large Ether stakes have become among a small set of named entities.
Bitmine has not disclosed a timeline for reaching its 5% target or whether it plans to continue accumulating beyond that point. The company's announcement does not specify whether its purchases are funded from operations, capital raises, or existing cash reserves, though it noted total crypto and cash holdings of $15.6 billion.
Ether traded near $2,511 at the time of Bitmine's announcement. The token has seen repeated inflows tied to spot Ethereum exchange-traded funds since their U.S. approval in July 2024, and large holders have been able to acquire meaningful positions without dramatic price impact.
Bitmine's 5.9 million Ether places it among the largest known single holders of the token outside of exchange cold storage and Ethereum Foundation accounts. Achieving a full 5% stake would require adding roughly 106,000 more tokens at current supply levels, a figure Bitmine could reach through its stated weekly accumulation pace in roughly two years absent changes in its purchasing cadence.
