Bitmine is steadily moving closer to one of the crypto industry’s most ambitious goals—owning 5% of Ethereum’s total circulating supply. The company’s latest purchase of Ethereum has pushed its treasury above 5.7 million ETH, strengthening its position as the largest publicly traded Ethereum treasury company.
According to a company announcement released on June 29, Bitmine acquired an additional 27,084 ETH over the past week. With this latest purchase, the firm’s holdings now account for approximately 4.7% of Ethereum’s estimated circulating supply of 120.7 million ETH.
Bitmine Chairman Tom Lee reaffirmed that the company remains on course to achieve what he calls the “alchemy of 5%” sometime in 2026, highlighting the firm’s long-term commitment to accumulating Ethereum.
Bitmine Keeps Buying Despite Market Weakness
The latest accumulation came during a challenging week for the crypto market. Ethereum declined roughly 8%, but Bitmine continued adding to its treasury without slowing its acquisition strategy.
The company also revealed that nearly 4.9 million ETH, representing around 85% of its total holdings, has been staked. At current market prices, those staked assets are valued at approximately $7.7 billion.
Staking remains a key part of Bitmine’s strategy. Tom Lee said the company expects to generate around $211 million in annualized staking revenue, while its staking operations have recently produced an annualized seven-day yield of 2.75%.
As Bitmine’s Ethereum holdings continue to grow, investors have increasingly monitored the company’s Arkham wallet, which publicly tracks its purchases and staking activity. The wallet has become a popular reference point for those following Bitmine’s aggressive treasury expansion and its exposure to Ethereum’s price movements.
Institutional Interest Continues to Grow
Bitmine also announced that it has officially joined the Russell 1000 Index following the benchmark’s annual reconstitution. According to Lee, the inclusion could introduce hundreds or even thousands of additional institutional investors to the company’s shareholder base.
Although Ethereum has struggled in recent weeks, Lee believes the long-term outlook remains positive. He pointed to developments such as the launch of Ethlabs and the Bank of England’s softer stance on stablecoins as encouraging signs for Ethereum’s broader ecosystem.
Addressing the recent decline across cryptocurrency markets, Lee suggested the selling pressure was mainly driven by quarter-end portfolio adjustments rather than weakening confidence in Ethereum.
“We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months.”
Corporate Ethereum Buying Shows No Signs of Slowing
Bitmine is not the only public company increasing its Ethereum exposure.
Blockchain data shared by crypto analyst Rain showed that SharpLink recently acquired 39,196 ETH, valued at approximately $62.4 million, over a three-day period. The purchases came even as spot Ethereum exchange-traded funds experienced a seventh consecutive week of net outflows.
Rain argued that these acquisitions suggest corporate treasury managers are positioning for long-term institutional adoption instead of reacting to short-term price fluctuations.
Bitmine’s capital strategy has also become increasingly tied to Ethereum. Earlier reporting noted that the company’s BMNP preferred-share dividend program links shareholder payouts to the size of its Ethereum treasury and the income generated through staking, making staking rewards a central component of its financial model.
Ethereum Tests Critical Support
From a technical perspective, Ethereum continues trading near a major support level around $1,510. The daily chart currently shows a descending triangle, a pattern formed by lower highs meeting horizontal support, indicating that sellers still hold the upper hand while buyers continue defending the same price zone.
Momentum indicators also remain cautious. The Relative Strength Index (RSI) sits near 31, close to oversold territory, suggesting that selling pressure has eased but buyers have yet to regain momentum. Meanwhile, the MACD remains below the zero line, although it has started to flatten, indicating bearish momentum may be weakening without confirming a trend reversal.
If Ethereum breaks above the descending trendline and clears the $1,700 resistance level, it could invalidate the bearish pattern and open the door to the $1,860 Fibonacci resistance. On the downside, a decisive move below $1,510 would confirm the descending triangle and could send ETH toward the psychological $1,400 support level.
With Bitmine continuing to accumulate Ethereum regardless of recent market weakness, the company’s strategy reflects growing institutional confidence in the digital asset’s long-term potential.
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