Crypto News
Bitmine (NYSE: BMNR) added 26,497 ETH over the past week, lifting its treasury to roughly 5.42 million ETH — equivalent to 4.49% of Ethereum's circulating supply. Wu Blockchain reported the buy on June 1, framing it as the latest step in chairman Tom Lee's stated strategy of building a corporate ETH reserve at scale.
Why it matters
Bitmine now holds a share of Ethereum's float that no single public-company buyer has ever controlled on any non-Bitcoin asset. Lee, the Fundstrat co-founder who has spent the better part of two years pitching corporate treasuries on ETH exposure, is effectively turning Bitmine into a public proxy for his thesis. With Saylor's Strategy trimming BTC last week, the corporate-treasury narrative is splitting along asset lines — Bitcoin is being distributed, Ethereum is being concentrated.
Market impact
The purchase lands the same week ETH futures open interest on CME pushed toward a multi-month high, and the gap between spot and futures basis has stayed positive — a sign leveraged desks are still paying up for directional exposure. Watch Bitmine's next 8-K; a second consecutive 25K+ week would clear the 5.5M ETH mark and put the 5% supply threshold in sight by Q3.
Frequently asked questions
-
How much Ethereum does Bitmine now hold?
Bitmine (NYSE: BMNR) holds approximately 5.42 million ETH, equal to about 4.49% of Ethereum's circulating supply, after adding 26,497 ETH over the past week.
-
Who is Tom Lee and what is his role at Bitmine?
Tom Lee is the Fundstrat co-founder who chairs Bitmine and has been pitching corporate treasuries on adding ETH exposure; Bitmine is the public vehicle for that thesis.
-
Is Bitmine's ETH holding the largest corporate crypto treasury?
Bitmine's 5.42M ETH is the largest non-Bitcoin corporate crypto treasury on a public balance sheet, though Strategy (formerly MicroStrategy) still holds more in dollar terms via BTC.
-
Why did Saylor selling BTC and Tom Lee buying ETH happen at the same time?
The two moves are independent — Strategy trimmed Bitcoin last week while Bitmine accumulated Ethereum — but together they split the corporate-treasury narrative along asset lines.
-
What would push Bitmine past 5% of circulating ETH supply?
A second consecutive 25,000+ ETH week would clear 5.5M ETH and put the 5% supply threshold in sight for Bitmine by Q3, per current accumulation pace.
TheBlock
CoinTelegraph
WatcherGuru
CryptoSlate
Lookonchain
CoinDesk