Bitmine nears 5% Ethereum ownership goal through purchases and staking

Nasdaq-listed treasury company Bitmine is approaching its goal of owning 5% of the total Ethereum supply. As of August 30, the company disclosed holdings of 5.9 million ETH, with over 5.06 million of those tokens already staked at an annualized seven-day yield of 2.67%.

On-chain data from Lookonchain suggests Bitmine may have acquired an additional 51,000 ETH, valued at approximately $126 million, from FalconX and BitGo on September 1. While Bitmine has not formally confirmed this specific transaction, such a purchase would bring its total holdings to roughly 5.95 million ETH.

Given Bitmine's massive staked position, the company may be able to reach its target through staking rewards rather than further market purchases. Based on a benchmark of 120.7 million ETH in circulation, a 5% stake requires approximately 6.035 million tokens. If the reported September 1 purchase is accurate, the gap to the target would be reduced to about 83,000 tokens, a figure that could be bridged by staking income alone within a year.