Bitmine is doubling down on its investment in Ethereum, with recent on-chain activity indicating that the company is edging closer to its target of owning 5% of the total ETH supply. This move comes amid Ethereum’s impressive 30% surge in value over the past week, with analysts attributing this growth to the project’s strong fundamentals and a potential shift in its market dynamics.
Bitmine Continues to Acquire Millions in ETH
According to on-chain analyst Ai Yi, a new wallet recently acquired 20,000 ETH, valued at approximately $48.89 million, in just 50 minutes. Another wallet purchased 10,000 ETH, worth around $24.72 million.
These wallets exhibit characteristics consistent with Bitmine’s previous patterns, such as the use of new addresses, large round-number transactions, and purchases through platforms like Kraken, Coinbase, and FalconX.
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In addition, Bitmine acquired 32,447 ETH last week, bringing its total holdings to 5,847,611 ETH, valued at approximately $15 billion.
Bitmine Approaches its 5% Ethereum Goal
Bitmine’s objective is to possess 5% of Ethereum’s total supply, which equates to roughly 6.04 million ETH. With nearly 5.85 million ETH already in its possession, the company is only about 187,000 ETH away from reaching its target.
This accumulation has been steadily increasing, with Bitmine holding around 4.66 million ETH in March 2026 and surpassing 5.2 million in May, before reaching nearly 5.79 million by late July.
Significantly, a majority of these holdings are actively staked, with around 87% (5.07 million ETH) utilized for staking purposes, generating an estimated annual staking revenue of about $330 million for Bitmine.
Ethereum’s Fundamentals Strengthen
Bitmine’s buying spree coincides with Ethereum’s impressive 31.5% surge in value over the past week, outpacing Bitcoin’s 24% increase.
Analyst Ali Martinez highlights that since hitting a bottom in July, ETH has surged by 64.20%, compared to Bitcoin’s 40.70% increase.
Furthermore, other analysts point to Ethereum’s strengthening fundamentals, including a 59% rise in ETF holdings, a 26% decline in CEX reserves, a 15% increase in ETH staked, and a 30% uptick in active addresses.
ETH/BTC Indicates a Potential Breakout
Analyst Crypto Patel observes that ETH/BTC has broken its downtrend, establishing a higher high and potentially signaling a shift from a bearish to a bullish market structure.
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He identifies the 0.0270–0.0260 range as a critical retest zone. If Ethereum maintains this level, the next targets for ETH/BTC could be 0.040, 0.050, and 0.060–0.070.
Tom Lee, the chairman of Bitmine, draws parallels between Ethereum’s recent 30%+ weekly surge and previous breakout periods. He believes that favorable financial conditions, increased U.S. crypto support, and Treasury acquisitions could further enhance Ethereum’s outlook.
Can Ethereum Reach $3,000?
Market sentiment has significantly shifted towards a more bullish stance. Prediction markets now assign a 64% probability to ETH hitting $3,000 before potentially retracing to $1,500.
Ethereum is currently encountering strong resistance in the $2,500–$2,550 range. According to Ted, a successful weekly close above this level could trigger a breakout and propel Ethereum towards the $3,000 mark.
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