#BitMine连增66周ETH持仓592万枚 Devouring Ethereum: Bitmine Buys Another $70 Million, One Step Away from the 5% Dominance Threshold

Wall Street’s crypto hoarding game is far from over. At least in Bitmine’s script, spending tens of millions of dollars on Ethereum every week has become a mechanical discipline.
Bitmine’s latest disclosure shows that the company spent approximately $70 million last week to purchase 28,086 ETH. Its total Ethereum holdings have now climbed to 5.93 million ETH. Based on the current circulating supply, this whale has swallowed 4.9% of the total supply, leaving it just one step away from the market-staring “5% dominance threshold.”
Although the purchase had a nominal value of $70 million based on a reference price of $2,495 per ETH, Bitmine once again did not disclose its actual execution cost.
In terms of quantity, the whale’s appetite appears to have moderated somewhat—compared with the ferocious pace of swallowing 53,501 ETH in a single week previously, last week’s addition was clearly cut in half. But over a longer timeline, Bitmine has continued buying without interruption for more than 60 consecutive weeks since launching its Ethereum treasury strategy on June 30, 2025. Chairman Tom Lee appears quite pleased, saying in a statement that no other publicly traded corporate player matches this “fixed weekly purchases” rhythm. This is more than just a game of piling up numbers. Bitmine’s balance sheet is expanding rapidly as a result of this aggressive strategy.
As of September 7, the book value of its Ethereum holdings alone had reached approximately $14.8 billion. Adding the 211 Bitcoin, $593 million in cash and marketable securities held by the company, as well as approximately $271 million in combined equity investments in Beast Industries and Eightco Holdings, total consolidated assets had reached as much as $15.7 billion.
More importantly, these holdings are not simply sleeping in cold wallets. Bitmine has put approximately 5.1 million ETH into staking to earn yield, representing 85% of its total holdings. Based on a rough estimate using the current network yield, this massive staked position can generate approximately $330 million in passive income for the company each year. Against the backdrop of the broader crypto market’s current slump, this stable cash flow is undoubtedly an important source of confidence supporting its continued buying strategy.
However, Tom Lee remains ambiguous about what happens “after eating its fill.” Although he signaled in May this year that the company might “slow the pace to avoid reaching the 5% red line too early,” it still has not clearly laid out a final plan after reaching the target. Will it stop there, or continue challenging higher percentages? The market is rife with speculation.
While Bitmine has been frantically sweeping up assets, other companies pursuing digital-asset treasury strategies have moved at markedly different paces. Strategy, once equally aggressive, stayed on the sidelines last week and did not continue adding Bitcoin, while Nasdaq-listed asset manager Strive made only a tentative purchase of $143 million in Bitcoin in late August. Ethereum treasury company SharpLink was even more conservative, choosing to stake $200 million worth of ETH through the Lido protocol to earn yield rather than directly increasing buying pressure in the secondary market.
Notably, despite the enormous pressure of approximately $5.2 billion in unrealized losses and a double-digit year-to-date decline in its share price, Bitmine has continued sweeping up assets in the open market. Is this steadfast conviction, or a reluctant move after becoming committed to an untenable course? As its holding ratio approaches 5%, the answer may be revealed in the coming weeks.$ETH