Bitmine Buys 100,000+ ETH After Price Dip, Nears 5% Goal

Bitmine purchased more than 100,000 ETH following a recent dip in Ether’s price, bringing the firm closer to its stated goal of holding 5% of the cryptocurrency’s circulating supply.

The purchases were executed after Ether’s price eased, allowing Bitmine to increase its holdings. The company has not disclosed the exact timeline for reaching the 5% target or the size of its holdings before these buys.

Bitmine is a cryptocurrency-focused firm that has been accumulating Ether as part of a longer-term strategy to build a sizable reserve of the token. The latest addition increases the company’s exposure to Ether and is among the larger single additions reported by institutional actors in recent weeks.

Because Ether’s circulating supply runs into the tens of millions of tokens, a 5% stake would equal millions of ETH and would make Bitmine one of the larger holders on the network. The company has not published a breakdown of wallet addresses or a public tally of total holdings.

Ether’s supply is not capped. Since the implementation of EIP-1559, a portion of transaction fees is permanently removed from circulation, which affects net issuance and supply dynamics.

Large, concentrated purchases can reduce the number of tokens available for trading and can affect market liquidity. How the wider market responds will depend on Bitmine’s future buying behavior and overall investor demand for Ether.

Bitmine has not disclosed the source of funds for the purchases or the exact number of additional tokens required to reach a 5% stake. Further accumulation by the firm would be visible through on-chain transfers or public disclosures and is likely to be monitored by market participants and analytics services.