Bitmine Approaches 5% of Ethereum Supply, Holding About $10 B in ETH

Bitmine Immersion Technologies, chaired by Tom Lee, has been steadily increasing its Ethereum treasury. The company bought 20,500 ETH from Galaxy Digital for roughly $36 million on July 10 2026, adding to earlier purchases of 42,197 ETH for $76 million and 60,976 ETH. Additional on‑chain data show Bitmine acquiring 40,000 ETH in early July and another 20,500 ETH in a separate OTC deal. These acquisitions have brought Bitmine’s total ETH holdings to about 5.7 million tokens, valued at roughly $10 billion at current prices. With a circulating supply of approximately 120.7 million ETH, the company now controls about 4.7‑4.8% of the total supply, close to its stated target of 5%.

The strategy mirrors the “MicroStrategy model” applied to Bitcoin, aiming for a long‑term balance‑sheet exposure to a major crypto asset. Tom Lee, also co‑founder of research firm Fundstrat, has publicly forecasted that Ethereum could eventually reach a $5‑trillion market capitalization, implying a price near $41,000 per ETH. While this price target is speculative, the firm’s ongoing accumulation underscores a bullish view on Ethereum’s institutional adoption and future value.

Ethereum’s price in 2026 has traded between $1,700 and $2,200, with analysts noting that the asset has outperformed Bitcoin during recent market downturns. Bitmine’s holdings are largely staked, generating additional yield. The company’s $10 billion ETH position represents a significant exposure to the cryptocurrency’s price movements and could influence market dynamics as the holding approaches the 5% supply threshold.