🔥 BitMine Just Bought 53,501 ETH in One Week — And It's Almost at Its Target

Quick correction on the numbers first: the actual filing shows it wasn't 51,000 ETH, but 53,501 ETH (~$131 million) — BitMine's largest weekly purchase since June. That brings their total holdings to 5,901,112 ETH, or 4.9% of Ethereum's entire supply. They're now only about 134,000 ETH short of their "5% goal."

So the question everyone's now asking is: what happens once they hit it?

What's genuinely striking here is the consistency. BitMine has bought ETH every single week for 65 straight weeks since launching its treasury strategy in June 2025 — not one week skipped. At the current pace, closing the remaining gap would take roughly two and a half more weeks, though the company hasn't committed to a firm timeline.

Chairman Tom Lee has hinted at how this could play out, and there are basically three scenarios:

1️⃣ Buying continues, but slower — ETH gets treated as a long-term balance-sheet asset and staking-income source rather than an accumulation target.

2️⃣ Aggressive buying continues past 5% — this would be a major bullish demand signal for ETH.

3️⃣ Buying stops at 5% — the short-term narrative could shift as the "buyer of last resort" pulls back.

One detail that matters here: about 86% of BitMine's ETH (over 5 million tokens) is already staked, projected to generate roughly $335 million a year in revenue. So this isn't just passive holding — it's turning into an actual income engine.

Zooming out, the bigger picture points the same direction — US spot ETH ETFs pulled in around $824 million in net inflows over the past week. Corporate treasury buying and ETF demand are both leaning bullish on ETH at the same time.

But there's a risk worth flagging too — Tom Lee himself has said buying could slow once they get close to the target. So this momentum isn't guaranteed to be permanent; it's one phase of a cycle, not a straight line up.

📌 Right now ETH is trading above $2,400 on Gate.io, pushing against resistance around $2,540–$2,550. That's the level worth watching if you're tracking this.

No need to FOMO in — just track the weekly filings. BitMine's next update will tell us which scenario is actually playing out.

One single company is about to control 5% of the entire ETH supply — and the market hasn't fully priced that in yet.

‍$ETH