Company disclosures show that Bitmine Immersion Technologies purchased an additional 32,447 ETH last week, equivalent to approximately $814.5 million at the prevailing price. As of August 23, the company’s ETH holdings increased to 5,847,611 ETH, with a market value of about $15 billion, continuing to approach its self-imposed target of 5% of total supply.
Still 187,000 short of the 5% target
According to the reported data, Ethereum’s current supply is approximately 120.7 million, with 5% equating to about 6.04 million ETH. Based on Bitmine’s current holdings, the company is still approximately 187,000 ETH short of this target.
Bitmine's accumulation began last summer. The company held approximately 1% of Ethereum's supply in August, rising to 2% in September. By March 2026, its holdings exceeded 4.66 million ETH, increased to over 5.2 million in May, and approached 5.79 million by the end of July.
87% of holdings have been pledged.
The company disclosed that 5,067,309 ETH have been staked, accounting for approximately 87% of its total holdings. This means the majority of its holdings are locked in the staking system and are not in active circulation.
Bitmine estimates that this portion of staked assets could generate approximately $330 million in annual staking income. The report also notes that the company has not disclosed whether it will cease purchasing after reaching the 5% target.
ETH's weekly gain reached its highest level in over a year.
This latest purchase occurred during a strong upward surge in ETH. Reports indicate that ETH has risen approximately 31% since August 19, 2026, marking its largest weekly gain in over a year.
Company Chairman Tom Lee stated that a more accommodative financial environment, support for the crypto industry from the White House, and the U.S. Treasury’s purchases of long-term Treasuries have all contributed to a rebound in market risk appetite. He also noted that historically, periods when ETH posted weekly gains of over 30% have often preceded the launch of larger market rallies.
Additional information: The report noted that Bitmine previously stated that holding 5% of Ethereum’s total supply would not alter the network’s operation or grant the company control over transactions, upgrades, or governance.