Bitmine purchases $82 million in ETH, targeting 5% market share

iconBitMedia
Share
This is the logo of the coin.
ETH
$2,518.422.92%
This is the logo of the coin.
BTC
$80,916.204.42%
AI summary iconSummary
Bitmine added $82 million in ETH to its holdings, bringing its total to 120.7 million ETH, or 4.8% of the total supply. The company is 97% of the way toward its "Alchemy 5%" goal of controlling 5% of all ETH. Value investing in crypto has clearly shaped Bitmine’s strategy, with weekly ETH purchases since June 30, 2025. In addition to ETH, the firm holds 210 BTC, $180 million in Beast Industries, $89 million in Eightco, and $308 million in cash. Staked ETH totals 5,067,309, valued at $12.4 billion, generating $330 million in expected staking revenue. Crypto technical analysts may now monitor how this large position influences market sentiment.

In addition to ether, Bitmine currently has 210 bitcoins (BTC), equity stakes in the media company Beast Industries worth $180 million and in Eightco Holdings worth $89 million, as well as cash and securities valued at $308 million.

Tom Lee, Chairman of Bitmine’s Board of Directors, reported that following its recent purchase, the company has accumulated 4.8% of the total Ethereum supply (120.7 million ETH), fulfilling 97% of its “Alchemy 5%” plan—to acquire 5% of all circulating Ethereum. Bitmine has been purchasing Ethereum weekly since launching the ETH Treasury Strategy approximately 14 months ago, on June 30, 2025.

Over the past week, Ethereum's price rose 30% to $2,480, marking its largest weekly gain since May 2025, when it increased by 170%. Li recalled that Ethereum also saw a strong surge in July 2021, when the altcoin rose 167%.

The chairman of Bitmine explained the asset price increase as being supported by U.S. authorities and the U.S. Department of the Treasury’s decision to increase the size of its sovereign debt buyback. These factors enhance investors’ appetite for high-risk assets, including cryptocurrencies, according to Tom Lee.

Bitmine's leadership believes that the GENIUS Act, passed last summer to regulate stablecoins, and the creation of a cryptocurrency division within the U.S. Securities and Exchange Commission (SEC) will positively impact cryptocurrency and financial services regulation. Tom Li compares this to the abolition of the gold standard for the U.S. dollar in 1971, which severed the dollar’s link to gold and led to the adoption of fiat currencies with floating exchange rates. Li believes this laid the groundwork for the development of modern financial and payment systems.

Bitmine reported that as of August 23, 2026, the company had staked 5,067,309 ETH valued at $12.4 billion. At the beginning of 2026, Bitmine launched MAVAN (Made in America Validator Network), a staking platform targeted at institutional investors. The company forecasts annual staking revenue of $330 million.

Meanwhile, Strategy, the largest public holder of Bitcoin with 840,447 BTC valued at $70 billion, has not purchased the cryptocurrency for seven consecutive weeks since July. In early August, Strategy instead sold 1,690 Bitcoin for $108.6 million.


Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.