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BTC 
ETH Bitmine Immersion Technologies purchased another 32,447 Ethereum units (worth approximately US$81 million) last week, one step closer to its goal of holding 5% of the total Ethereum supply. The company said on Monday that as of August 23, it held 5,847,611 Ethereum units worth approximately $15 billion.
The current supply of Ethereum is approximately 120.7 million units, and the 5% target corresponds to approximately 6.04 million units. This means that Bitmine is still about 187,000 Ethereum pieces short of its target.
Bitmine's latest purchase comes as the cryptocurrency market rekindled interest and enthusiasm, with Ethereum prices soaring in the past week. ETH has soared 31.5% in the past seven days, even exceeding Bitcoin's impressive increase of nearly 24% over the same period. ETH is currently trading at just below $2500 and has risen nearly 3% in the past day alone.
Market sentiment towards the asset has also shifted in the forecast market. In the Myriad forecast market, traders currently believe that the probability of Ethereum rising to $3000 and then falling to $1500 is 64%. Less than a week ago, the probability was the exact opposite, with the probability of the market turning to a previous bearish outcome as high as 74%.
Bitmine's Ethereum accumulation began last summer, when the company reached approximately 1% of Ethereum's supply in August last year and 2% in September. In March 2026, Bitmine's Ethereum positions exceeded 4.66 million, and in May exceeded 5.2 million. 5% is a target set by Bitmine itself, and reaching this threshold will not trigger changes in Ethereum, nor will it give Bitmine control over transactions, upgrades or governance.
The purchase comes as ETH posted its largest weekly gain in more than a year, up approximately 31% since August 19, 2026. Bitmine Chairman Tom Lee said in a statement: "This is the largest weekly increase since May 2025, and before that it was July 2021. In both cases, this weekly increase of more than 30% marks the starting point for a larger ETH market." Lee pointed out that easing financial conditions, the White House's support for cryptocurrencies and the Treasury's purchase of long-term bonds have all improved investors 'risk appetite.
Because Bitmine has pledged 87% of its Ethereum, most of its supply is out of market circulation. The company has not said whether it will stop buying when it reaches 5%. Bitmine said it has pledged 5,067,309 Ethereum units, accounting for 87% of its position, and expects to receive US$330 million in pledge revenue every year.
Chairman Tom Lee said in May that Bitmine would slow down purchases to avoid reaching 5% too quickly. Buying continues, but at an uneven pace. By the end of July, its holdings had reached 5.79 million Ethereum units. For BMNR investors, if Ethereum performs well, a 5% position will bring more pledge income; but if it performs poorly, they will face greater risks such as falling ETH prices, failed custody, rising financing costs and regulatory changes.
