BitMine needs another 170,802 ETH to reach the 5% target

BitMine increased its holdings of 28,086 ETH in a week, bringing the total treasury of Ethereum to 5.93 million.

After increasing its holdings of 28,086 ETH in just one week, BitMine's treasury of Ethereum has climbed to 5.93 million. The company confirmed that its holdings have reached 97% of its 5% target for total supply, but this ratio is based on its own calculations of a total supply of 122 million ETH units.

Overview of core data

• Recent increase in holdings: BitMine currently holds 5.93 million ETH units, with an additional 28,086 units purchased last week.
• Target progress: The company holds approximately 5% of its declared total supply, and approximately 97% of the target has been achieved.
• Remaining gap: According to its own calculations, the company still needs to obtain another 170,802 ETH to break the threshold of 6.1 million ETH.
• Pledge income: Nearly 85% of reserves have been pledged, and the expected annualized income is approximately US$330 million.
• Risk exposure: This accumulation method increases the company's exposure to ETH prices, and price fluctuations will greatly affect its treasury value.

Position details and market valuation

In the week ended September 7, BitMine added 28,086 ETH to the Ethereum treasury. Based on a reference price of US$2,495 each, the purchase amount is close to US$70 million. It should be noted that this price is a market estimate for a specific date and not the average cost actually paid by BitMine. Since the company did not disclose the complete updated purchase price, the latest valuation of the entire reserve pool cannot be accurately determined.

The key data released by the company are as follows:

• Purchased in the past week: 28,086 ETH
• Total holdings: 5,929,198 ETH
• Proportion of total supply: 4.9% calculated by BitMine
• Total asset size: Including cryptocurrency, cash and pledged assets, totaling approximately US$15.7 billion
• Other assets: Holding 211 bitcoins and US$593 million in cash and marketable securities

Chairman Tom Lee Statement and Strategy Execution

BitMine Chairman Tom Lee said: "In the past week, we have acquired 28,086 ETH units." He also pointed out that since the strategy was launched on June 30, 2025, the company has continued to purchase Ethereum every week.

One step away from the 5% target

The total supply base BitMine uses to calculate progress is 122 million ETH. Based on this base, 5% shares are equivalent to 6.1 million ETH. Currently, the company has 5,929,198 ETH units, accurately reaching 97.2% of this target. To break the threshold set by the announcement, the company still needs to obtain an additional 170,802 ETH units.

Based on a reference price of US$2,495, this increase could represent nearly US$426 million in capital investment. However, as the price of ETH changes at the time of future purchases, the amount required may fluctuate significantly. Currently, its shareholding ratio is approximately 4.86%, which is rounded to 4.9% in press releases. The final threshold is not completely fixed, as the supply of ETH fluctuates with new issuance and destruction in the Ethereum fee mechanism.

Despite this, BitMine remains the largest holder of ETH among publicly traded companies. Its accumulation strategy also brings it closer to Strategy, which dominates the ranking of companies exposed to Bitcoin with its huge Bitcoin reserves.

Potential benefits from pledge strategy

BitMine has pledged 5,067,309 ETH units, accounting for approximately 85% of its Ethereum treasury. Based on an observed 2.61% yield over the past seven days, the company believes this position could generate annualized revenue of $330 million per year. It should be emphasized that this is not a guaranteed income. The reward amount depends on the number of verifiers, Ethereum network activity, network fees, and the performance of the operator. If BitMine can pledge all ETH, its expected annualized rewards will reach US$386 million.

Analyst Views and Risk Warnings

Analyst Tom DeMark's views were also quoted in the press release. He believes current price movements support market recovery: "We believe this supports the continuation of previous upward trends." However, these remarks only represent market views and do not guarantee the inevitable increase in the value of ETH.

High concentration of the portfolio is the main risk of this strategy. Based on the 5.93 million ETH holdings, for every US$100 price fluctuation, the theoretical value of the reserve changes by nearly US$593 million. Future acquisitions and the progress of pledged earnings will determine whether BitMine can approach its 5% shareholding target without significantly increasing its risk exposure.