BitMine Nears Massive Ethereum Milestone as ETH Holdings Reach 5.85 Million

The Tom Lee-chaired Ethereum accumulator has ramped up its ETH acquisitions amid the asset’s major price revival experienced last week.

The company has acquired 32,447 tokens over the past week, and its total has skyrocketed to 5,847,611 ETH as of August 23. With Ethereum’s price jumping to $2,440 yesterday, this put the firm’s position at $14.3 billion – or about $3 billion higher than the previous week.

97% of the Way

Taking into consideration the latest purchase announced earlier on August 24, the company’s total stash of almost 5.85 million ETH represents approximately 4.8% of Ethereum’s entire 120.7 million token supply. This means that the firm has completed 97% of its so-called “Alchemy of 5%” strategy. The ultimate goal is to control 5% of the altcoin’s supply, an ambitious move it started in late June last year.

BitMine hasn’t been deterred by the recent price moves in the crypto industry. Recall that ETH traded at around $1,900 by last Wednesday and has shot up by 30%, topping $2,500 briefly before it calmed just below that level today. This became its largest weekly surge since May 2025.

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