BitMine’s Ethereum Holdings Reach 5.42 Million ETH After Weekly Purchase

BitMine Immersion Technologies said it bought 26,497 ETH for about $53 million this week, bringing total holdings to 5,416,901 ETH, or 4.49% of Ethereum’s circulating supply, leaving it roughly 90% of the way toward its 5% target. Separate on-chain monitoring cited by Ember identified a 25,000 ETH transfer worth $47.98 million through BitGo during early trading hours, likely corresponding to part of the reported accumulation. BitMine said the slower buying pace was intentional as it nears its threshold, while the on-chain report noted the purchase occurred during a period of broader institutional selling. The company also said it has bought more than 1 million ETH since January, is the largest publicly traded Ethereum treasury firm by holdings, and has staked about 4.7 million ETH through its MAVAN platform, supporting estimated annual staking revenue of $258 million, rising to $300 million by the end of 2026.