Bitmine continues to significantly invest in Ethereum, with recent on-chain observations indicating that the firm is nearing its ambition of acquiring 5% of the total ETH supply. This surge in purchasing comes as Ethereum has experienced an increase of over 30% in just one week, with analysts noting improved fundamentals and a potential change in ETH’s market dynamics.
Bitmine Intensifies ETH Purchases
As reported by on-chain expert Ai Yi, a brand-new wallet has gathered 20,000 ETH, valued at approximately $48.89 million, in a mere 50 minutes. Additionally, another wallet secured 10,000 ETH, equivalent to around $24.72 million.
These wallets are likely associated with Bitmine, as they conform to the company’s typical pattern of employing new addresses, executing significant round-number transfers, and making acquisitions via Kraken, Coinbase, and FalconX.
Last week, Bitmine also acquired 32,447 ETH, bringing its total holdings to 5,847,611 ETH, with a total value estimated at around $15 billion.
Bitmine Approaches 5% Ownership of Ethereum
Bitmine aims to secure 5% of the total Ethereum supply, which translates to about 6.04 million ETH. With nearly 5.85 million ETH already in its possession, the company is now only about 187,000 ETH away from achieving its goal.
The company’s accumulation has progressed consistently. In March 2026, Bitmine held roughly 4.66 million ETH, surpassed 5.2 million in May, and approached nearly 5.79 million by the end of July.
Notably, a significant portion of these holdings is actively utilized. Approximately 87%, or around 5.07 million ETH, is staked, with Bitmine anticipating an annual staking revenue of about $330 million.
Enhanced Fundamentals for ETH
This purchasing spree occurs at a time when ETH has surged around 31.5% over a week, outperforming Bitcoin’s roughly 24% rise.
Analyst Ali Martinez pointed out that since hitting the July low, ETH has appreciated by 64.20%, while Bitcoin has increased by only 40.70%.
Other experts have highlighted enhanced Ethereum fundamentals, including a 59% rise in ETF holdings, a 26% drop in centralized exchange reserves, a 15% increase in staked ETH, and a 30% growth in active user addresses.
ETH/BTC Indicates a Potential Breakout
Analyst Crypto Patel stated that ETH/BTC has broken its lengthy downtrend, creating a higher high and potentially indicating a transition from a bearish to a bullish market phase.
He identifies the 0.0270–0.0260 range as a crucial retest area. Should Ethereum maintain this level, the subsequent ETH/BTC targets might be set at 0.040, 0.050, and 0.060–0.070.
Additionally, Tom Lee, chairman of Bitmine, compared Ethereum’s recent 30%+ weekly rise with previous breakout phases. He suggests that improved financial conditions, more robust U.S. support for cryptocurrencies, and Treasury purchases could enhance the outlook further.
Will ETH Climb to $3,000?
Market sentiment has shifted to a notably more positive stance. Current prediction markets estimate a 64% chance of ETH reaching $3,000 before potentially dropping to $1,500.
Ethereum faces significant resistance in the $2,500–$2,550 range. According to analyst Ted, if ETH can close the week above this threshold, it may trigger a breakout and push Ethereum closer to the $3,000 mark.