BitMine's Ethereum Treasury Swells to 5.85 Million ETH

BitMine, the Ethereum accumulation vehicle co-chaired by Tom Lee, accelerated its buying campaign as ETH staged a sharp rebound last week. The firm added 32,447 ETH over the past seven days, lifting total holdings to 5,847,611 ETH as of Aug. 23. With Ethereum rising to $2,440 yesterday, BitMine's position was valued at about $14.3 billion, roughly $3 billion higher than a week earlier. Including the latest purchase disclosed on Aug. 24, BitMine's nearly 5.85 million ETH represents about 4.8% of Ethereum's 120.7 million total supply. The company said that puts it 97% of the way through its "Alchemy of 5%" plan, launched in late June last year, which targets ownership of 5% of the asset's supply. ETH's rally helped underscore the scale of the move. The token traded near $1,900 by last Wednesday and climbed about 30%, briefly topping $2,500 before easing to just under that level today. It marked Ethereum's biggest weekly gain since May 2025. Lee pointed to two similar weekly surges—July 2021 and May 2025—that were followed by additional advances of 167% and 170%, respectively. Past performance, though, does not guarantee a repeat. BitMine's latest buy was also notably larger than many prior additions, which on several occasions were closer to 10,000 ETH. Last week, the company purchased 10,270 ETH after acquiring 9,926 ETH the week before. The company also highlighted ongoing staking activity. BitMine has now staked more than 5,067,300 ETH, valued at about $12.4 billion at current prices, or roughly 87% of its Ethereum treasury. Based on a seven-day annualized yield of 2.67%, BitMine estimates annualized revenue of around $330 million. If it were to stake its full portfolio through its institutional platform MAVAN, projected annualized revenue could rise to approximately $381 million. Source: CryptoPotato