Ethereum treasury company Bitmine has expanded its holdings with another ETH acquisition, hitting 86% of its 5% supply target.
Bitmine has accumulated 101,745 ETH over the past week
According to a press release, Bitmine increased its Ethereum accumulation over the past week. In total, the treasury company added 101,745 ETH to this buying spree, worth approximately $237.8 million at the current exchange rate.
Originally a company focused on Bitcoin mining, Bitmine, under the leadership of President Thomas “Tom” Lee, adopted an ETH treasury strategy in mid-2025, following in the footsteps of Michael Saylor’s strategy. Since then, the company has participated in an aggressive accumulation.
The company’s purchases continued despite the bearish shift seen by the entire sector since the fourth quarter of 2025, which plunged its holdings deep into the red. In fact, the company has even ramped up its purchases recently. Lee noted:
Bitmine has maintained the accelerating pace of ETH purchases in each of the past four weeks as our base case, ETH, is in the final stages of the “mini crypto winter.”
After another notable purchase over the past week, the company’s ETH reserves have reached approximately 5.18 million tokens, which equates to almost 4.3% of the cryptocurrency’s entire circulating supply.
Bitmine has set a goal of 5% of the total ETH supply, so with its current holdings, the company is already about 86% of the way to the milestone in just 10 months of accumulation.
To generate passive income on its Ethereum holdings, Bitmine locked its ETH in the proof-of-stake (PoS) contract. Currently, the company has 4,362,757 ETH deposited in the staking contract, which represents over 84% of its cash reserves.
The company believes that a “crypto spring” is taking hold, as Lee stated:
In our view, Crypto Spring has begun and, like previous cycles, investor sentiment and conviction are subdued and bearish, even as cryptocurrency prices strengthen. We believe that the potential adoption, or even failure, of the CLARITY Act confirms the arrival of crypto spring.
Bitmine is overall the second largest digital asset treasury in the world, behind Strategy. The latter has also been aggressive in its purchases of Bitcoin, announcing regular purchases on Mondays. However, while Bitmine announced a new acquisition this Monday, Saylor’s company jumped in this time.
The co-founder and president of Strategy confirmed this in advance, as he wrote in an X article on Sunday: “No shopping this week. Back to work next week.” Strategy currently owns 818,334 BTC, which is equivalent to 4.08% of Bitcoin’s supply.
Separately, Ethereum spot exchange-traded funds (ETFs) saw net outflows over the past week, data from SoSoValue shows. A total of $82.47 million left US Ethereum spot ETFs with this negative net flow spike.
The trend in the ETH spot ETF netflow over the last two years | Source: SoSoValue
ETH Price
At the time of writing, Ethereum is floating around $2,340, up 1.2% over the past seven days.
Looks like the price of the coin has been going up over the last few days | Source: ETHUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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