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BitMine nears 5% Ethereum supply target, but slows further buys

BitMine reported holding 5,777,468 ETH as of July 20, leaving it 257,532 ETH short of its 5% goal based on its 120.7 million ETH circulation estimate.

Reported · Written up by our desk · Market Structure

BitMine said it is about $482 million away from completing its goal of owning 5% of Ethereum’s total supply, after revealing it held 5,777,468 ETH on July 20. CryptoSlate reported that the company added 7,430 ETH during the prior week, with the latest purchase costing about $14 million, one of its smallest weekly ETH allocations.

Based on BitMine’s estimate of 120.7 million ETH in circulation, a 5% position would equal 6.035 million ETH, leaving 257,532 ETH still needed. CryptoSlate added that BitMine valued the remaining shortfall at about $483.9 million using an ETH price of $1,879, noting the dollar amount will move with Ethereum’s market price and the required token count could change if the circulating supply estimate shifts.

The company also tied the slower pace to capital reallocation, with CryptoSlate reporting that BitMine spent almost six times as much repurchasing its own shares. During the week, it repurchased about 5.5 million BMNR common shares under a previously authorized $4 billion program at an average price of $15.6156, for roughly $85.9 million in buybacks.

BitMine has continued weekly ETH buying since starting the strategy on June 30, 2025, CryptoSlate said, but the pace has slowed sharply from the preceding week when it bought 27,801 ETH. The company’s chairman, Thomas “Tom” Lee, said the approach is meant to move gradually toward the 5% level and avoid building a position substantially larger than that threshold, reflecting management’s view that the target should act as both a milestone and a ceiling.

Latest closeEthereum $1,925.40 ▲1.1%

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