Bitmine Immersion Technologies announced on Monday (24) the purchase of 32,447 ETH in the last week, raising its reserve to 5.85 million tokens. 4.8% of all Ethereum in circulation, approaching the goal of accumulating 5% of the cryptocurrency's supply.
With a supply estimated by the company at 120.7 million ETH, reaching 5% would amount to approximately 6.04 million tokens. According to the disclosed figures, Bitmine is about 187 thousand ETH short of that goal.
On August 23, the company held exactly 5,847,611 ETH, valued at US$ 2,440 per unit based on the reference used by the company. Bitmine also reported holding 210 bitcoins, US$ 308 million in cash and marketable securities, and stakes in other companies.
More than 5 million ETH are staked
Most of Bitmine's Ethereum reserve is not idle. The company reported that 5,067,309 ETH are staked, equivalent to about 87% of its positions in the cryptocurrency.
Staking allows tokens to be used in validating the Ethereum network in exchange for rewards. With the volume currently allocated, Bitmine projects approximately US$ 330 million in annualized revenue from the activity.
The company also developed MAVAN, an acronym for Made in America Validator Network, its own infrastructure focused on Ethereum staking. Part of the treasury assets already use the platform.
Ethereum rises more than 30% in a week
The expansion of the position occurs during a strong appreciation of Ethereum. According to Bitmine, ETH has accumulated a gain of 30% in a week, the biggest weekly gain since May 2025.
Tom Lee, chairman of the company's board, said that Bitmine has been buying Ethereum weekly since the start of its ETH treasury strategy, launched on June 30, 2025.
Lee attributed part of the recent market movement to the improvement in financial conditions and the increase in interest in applications involving tokenization and blockchain. The executive's projections of further ETH gains represent management expectations and do not guarantee future performance.
Bitmine maintains as its own goal to reach 5% of Ethereum's supply. The company did not say in the statement whether it plans to stop purchases after reaching that mark.
