Bitmine adds $814.5M of ETH; stash nears 5% of total supply goal

Bitmine Immersion Technologies has expanded its Ethereum position, buying an additional 32,447 ETH last week, according to company disclosures cited by CoinDesk. At prevailing prices, the purchase was valued at about $814.5 million. As of Aug. 23, Bitmine held 5,847,611 ETH, worth roughly $15 billion, keeping it on track toward a self-imposed target of owning 5% of ETH's total supply. Based on reported figures, Ethereum's circulating supply stands near 120.7 million ETH, putting the 5% threshold at roughly 6.04 million ETH. On that basis, Bitmine remains about 187,000 ETH short of its goal. The company's accumulation began last summer. It held about 1% of ETH supply in August and 2% in September. Holdings topped 4.66 million ETH by March 2026, rose above 5.2 million in May, and neared 5.79 million by the end of July. Bitmine also said 5,067,309 ETH—about 87% of its holdings—has been staked, meaning most of its ETH is locked in staking rather than actively circulating. The company estimates this staked portion could generate around $330 million in annual staking income. The report said Bitmine has not indicated whether it will stop buying once it reaches the 5% target. The latest purchase comes amid a sharp ETH rally. Reports cited by CoinDesk say ETH has climbed about 31% since Aug. 19, 2026, its biggest weekly gain in more than a year. Chairman Tom Lee attributed the shift in risk appetite to a more accommodative financial backdrop, White House support for the crypto industry, and U.S. Treasury purchases of long-term Treasuries. He added that historically, weeks when ETH gains exceed 30% have often preceded broader market rallies. Bitmine has previously said that owning 5% of Ethereum's supply would not change how the network operates or give the company control over transactions, upgrades, or governance.