BitMine’s Ethereum Push: 6% Surge and the Race to 5% Supply Dominance

Posted on by

(SeaPRwire) –   By: Oliver Hawthorne

BitMine (BMNR) saw a notable 6.44% jump to $24.30 on August 24, a move tied to the company’s aggressive push into Ethereum. The stock rise comes as BitMine edges closer to owning 5% of Ethereum’s circulating supply. But there’s a catch—Ethereum’s supply isn’t fixed. Currently, BitMine holds 5.85 million ETH, which accounts for 4.8% of the circulating supply. Chairman Tom Lee hints the company could reach the 5% target by year-end, though it needs roughly $620 million more in ETH at current prices.

BitMine’s Ethereum accumulation has been rapid. In a single week, the company bought 32,447 ETH, pushing their total treasury to 5.85 million tokens. They started their first ETH purchase on June 30, 2025, and have bought every week for 60 consecutive weeks. For context, MicroStrategy took six years to amass 4.19% of Bitcoin’s circulating supply, but BitMine achieved a comparable ether percentage in a fraction of that time. The company values its ETH holdings at $2,440 per token, with combined crypto and other assets totaling roughly $14.9 billion.

However, Ethereum’s supply dynamics complicate things. The network added about 85,893 ETH in the past 30 days, bringing total supply to 121.98 million. A true 5% now requires holding around 6.1 million ETH, meaning BitMine is still about 251,000 tokens short. But the company has no plans to sell. Most of its ether is staked—5.07 million ETH are staked, generating roughly $330 million per year in yield. This yield funds the dividend on BMNP, a 9.5% preferred stock BitMine sold in June. Lee describes BMNP as a “cheap three-year call option on ether.”

BitMine isn’t just accumulating ETH. Its validator arm, MAVAN, launched in March. The company also helped anchor groups spun out of the Ethereum Foundation. No other listed company comes close to BitMine’s ETH position; the next largest holder, SharpLink, owns just 888,938 ETH, about one-seventh of BitMine’s stack. Ethereum itself saw a 31.8% weekly gain, its best since May 2025. BMNR’s 52-week range is $12.80 to $65.60, with a one-year analyst price target of $31.87. The story isn’t just about stock surges; it’s about BitMine’s strategic bet on Ethereum’s future, with supply dynamics and yield playing key roles in its long-term play.

Author bio: Oliver Hawthorne, Principal Correspondent permanently stationed at an international technology review