Bitmine has now accumulated over 5.4 million Ether (ETH) tokens, a substantial holding valued at approximately $10.5 billion. This positions the company at around 90% of its ambitious goal to control 5% of the entire Ethereum circulating supply. The recent purchases come at a time when ETH prices have consistently hovered around $2,000, failing to reflect the volume of acquisitions made by Bitmine.

Recent Investment Overview

According to Tom Lee, Bitmine recently acquired 26,497 ETH within the last week. This purchase adds a significant chunk to its existing treasury, solidifying Bitmine’s position as the largest holder of Ether among publicly traded companies. This buy follows a recent slowdown in acquisitions; earlier this month, Bitmine had purchased over 100,000 ETH weekly for three consecutive weeks.

Bitmine’s initial strategy was introduced in July 2025, targeting a goal of owning 5% of the total circulating Ethereum supply, which is currently approximated at 120.6 million tokens, based on CoinGecko data. Lee has stated that Bitmine aims to achieve this milestone by 2026, with its present holdings suggesting tremendous progress towards that target.

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“Our recent acquisition of 26,497 ETH indicates that despite current prices, we believe Ethereum’s fundamentals are strengthening. We anticipate reaching our goal of 5% ownership soon.”

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 1, 2026

Market Response to Accumulation

Despite the significant accumulation of ETH, the market has reacted negatively, with Ethereum witnessing a decline of 4.7% over the past week. The price has fluctuated between $1,963 and $2,126, spending much of its time just below the $2,000 mark.

Lee indicated that the cryptocurrency market is currently facing challenges, contrasting with positive trends in other sectors like software stocks. This disconnect often occurs at the tail end of what he refers to as “crypto winter,” where prices do not align with prevailing market fundamentals.

Lee contends that Bitcoin and Ethereum remain essential components of the future financial landscape, even if current market trends do not validate that perspective. He emphasized that the price of Ether is not accurately reflecting its underlying strengths. Additionally, he pointed out emerging trends, including AI in commerce, decentralized identity solutions, and Wall Street’s movement toward tokenization, which support his viewpoint regarding the enduring significance of Ethereum.

Long-Term Perspective on Ethereum

Bitmine’s concerted effort to buy Ethereum suggests a strategic view of ETH as more than just a tradeable asset. This long-term approach makes it challenging to interpret market signals in the short term, as the current price dynamics do not yet mirror the level of accumulation.

Image credit from Unsplash, market analysis from TradingView