BitMine Continues Ethereum Buying Spree With New ETH Acquisition

Key Takeaways:

• BitMine added 10,399 ETH, raising its holdings to 5.8 million ETH (4.8% of supply).

• The company has purchased Ethereum every week since June 2025, showing consistent long-term conviction.

• BitMine is nearing its 5% ETH supply target, with most of its holdings actively staked for yield.

 

Buying every single week for over a year is a different kind of commitment than buying opportunistically. BitMine has done exactly that, and its latest purchase pushes the company to the edge of a target it set for itself more than a year ago.

CoinMarketCap reported on August 3, 2026 that BitMine bought 10,399 ETH last week, pushing its total holdings to 5,797,813 ETH — 4.8% of the entire Ethereum supply. 

A Streak That Hasn’t Broken Since Mid-2025

What makes this purchase notable isn’t its size — 10,399 ETH is modest next to some of BitMine’s earlier weekly buys, which have ranged as high as 42,197 ETH during periods of stronger conviction. It’s the consistency. Chairman Tom Lee has confirmed BitMine has bought ETH every single week since launching its treasury strategy on June 30, 2025, a streak that now stretches past a year regardless of whether ETH was rallying or falling in any given week.

Closing In On “The Alchemy of 5%”

BitMine calls its accumulation target the “Alchemy of 5%” — the goal of controlling 5% of Ethereum’s entire circulating supply. Against a stated supply of roughly 120.7 million ETH, that target sits near 6.04 million tokens. At 5,797,813 ETH, the company is now more than 96% of the way there, with roughly 240,000 ETH left to close the gap. 

The pace of purchases has slowed compared to earlier in the year, when BitMine routinely added tens of thousands of ETH weekly, suggesting the company may be deliberately pacing its final approach to the milestone rather than rushing to complete it.

The Chart Behind This Week’s Buy

Looking at the 24-hour chart, ETH climbed from around $1,860 to a peak near $1,890 in the early morning hours, before reversing sharply and dropping to a low around $1,820 by mid-morning. Price has since recovered most of that decline, settling back at $1,862.79. That round trip captures the kind of short-term volatility BitMine’s steady weekly buying has continued through regardless of direction — the company’s strategy has never been about timing individual dips.

Staking Is Doing as Much Work as Accumulation

Beyond the raw token count, nearly 4.9 million of BitMine’s ETH — more than 85% of its holdings — is actively staked through its MAVAN validator infrastructure, projected to generate close to $254 million in annualized staking revenue. Combined with 208 BTC, a $180 million stake in Beast Industries, and a $61 million position in Eightco Holdings, BitMine’s total crypto, cash, and strategic investments were valued at $11.8 billion as of its most recent disclosure. 

Tom Lee has pointed to Ethereum’s use in emerging Layer-2 networks, including Robinhood Chain’s early trading volume surpassing $1 billion, as part of the underlying thesis for continuing to build the position even as the pace of buying has eased.

Whether BitMine formally crosses its 5% threshold in the coming weeks, and what the company does once it gets there, is the next milestone worth watching in a strategy that has, so far, not missed a single week.