Ethereum symbols flowing into a secure institutional treasury vault

BitMine Buys $81 Million More Ethereum as Its Treasury Nears 5% of ETH Supply

By Isaac • August 24, 2026 11:14 am • Comments

BitMine just accelerated its Ethereum buying at the exact moment ETH returned to center stage.

The company added 32,447 ETH during the week ended August 23, a purchase worth roughly $81 million at the reported acquisition value. That lifted BitMine’s treasury to 5,847,611 ETH.

BitMine said that position equals approximately 4.8% of Ethereum’s 120.7 million-token supply. By the company’s count, it is now 97% of the way to its stated goal of owning 5% of all ETH.

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The purchase was more than three times larger than the 9,926 ETH BitMine reported adding the prior week. It also came while Ethereum was rallying hard, making this a decision to buy strength instead of waiting for another pullback.

BitMine reported 5,067,309 ETH staked as of August 23, equal to roughly 87% of its token position. The company projected approximately $330 million in annualized staking revenue at the current level and said that figure could reach $381 million once the treasury is fully staked through MAVAN and other partners.

The balance sheet also included $308 million in cash and marketable securities, up from $78 million one week earlier. Counting ETH, Bitcoin, cash, securities and other investments, BitMine put its total holdings at $14.9 billion.

Ethereum gained 30% over the preceding week, according to BitMine. The company called it ETH’s largest weekly gain since May 2025 and said a similarly powerful move had not appeared before that since July 2021.

Decrypt put the new 32,447-token addition at about $81 million and valued BitMine’s ETH treasury near $15 billion as of August 23. Its report placed the purchase against ETH’s 30%-plus weekly advance and the company’s long-running effort to control 5% of supply.

The report also showed how close BitMine has come without changing the public target: 5.85 million tokens held against a goal of roughly 6.04 million at the company’s stated supply figure. That leaves a gap of about 187,000 ETH, although the exact finish line can move as Ethereum’s supply changes.

The timing is important because treasury buyers usually attract the most attention when they scoop up assets during a selloff. Here, BitMine increased its pace as ETH pushed higher, accepting a substantially higher market price to keep advancing toward the target.

That makes the next weekly disclosure unusually important. Another purchase will show whether BitMine intends to keep pressing into strength or slow down after Ethereum’s sharp move.

Chairman Tom Lee tied that decision to a broader relative-value thesis. He argued that the ETH-to-BTC ratio can keep rising as Wall Street moves more assets onto blockchains and artificial-intelligence systems make greater use of neutral public networks.

That thesis still has to survive a market where Bitcoin remains the dominant pool of crypto capital. Even after Bitcoin’s latest rally, analysts were warning that moving an asset of its size materially higher requires a much larger wave of money.

BitMine is putting most of the treasury to work. The company said 5,067,309 ETH—roughly 87% of its total position—was staked as of August 23.

At the current level, BitMine projected annualized staking revenue of approximately $330 million. It said the run rate could reach $381 million once the treasury is fully staked through its MAVAN network and other staking partners, using the reported seven-day yield of 2.67%.

The wider balance sheet gives that strategy more room to operate. BitMine reported $308 million in cash and marketable securities, up from $78 million a week earlier.

Including its ETH, Bitcoin, cash, marketable securities and other investments, the company placed total holdings at $14.9 billion.

BitMine is close enough to its 5% target that another purchase on the scale of recent weeks could put the finish line within immediate reach. But the milestone does not erase the risks.

A treasury this concentrated is highly exposed to Ethereum’s price, staking economics and the company’s ability to fund purchases without damaging shareholders. The same 30% weekly move that swelled the value of the position can reverse quickly.

Still, the latest numbers make one point hard to miss: BitMine did not retreat when ETH became more expensive. It bought more than three times as many tokens as the week before, kept most of the treasury working through staking, and moved to within a few percentage points of its own accumulation goal.

For Ethereum holders, that turns BitMine’s next weekly update into more than a corporate balance-sheet check. It may show whether one of the market’s largest institutional buyers is ready to cross the 5% line.

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