Bitmine Immersion Technologies closed in on its goal of owning 5% of Ethereum’s supply after purchasing another 32,447 ETH for roughly $81 million, the company announced Monday. It held 5,847,611 ETH as of August 23, worth about $15 billion.
With Ethereum’s total supply at roughly 120.7 million tokens, the 5% mark equals approximately 6.04 million ETH. Bitmine remains about 187,000 ETH short of that threshold.
The latest purchase came as ETH posted its largest weekly gain in over a year, rising about 31% since August 19. The asset traded near $2,500, up nearly 3% in the last day.
Sentiment shifted sharply on prediction markets. On Myriad, traders now assign 64% odds that ETH hits $3,000 before falling to $1,500, reversing bearish odds of 74% just a week ago.
Bitmine Chairman Tom Lee noted that this weekly gain of over 30% has historically signaled a launch point for a larger move. He cited easing financial conditions, White House support for crypto, and Treasury bond purchases as improving risk appetite.
The company has staked 5,067,309 ETH, or 87% of its holdings, projecting $330 million in annual staking revenue. With most of its supply locked outside active markets, Bitmine has not stated whether it will stop acquiring at exactly 5%.
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