BitMine is now $484 million away from completing its 5% Ethereum target

An important story is making waves across the blockchain ecosystem. BitMine would now need to spend just $482 million more to complete its goal of owning 5% of Ethereum's total supply, though management is signaling that the final purchases will come more slowly. On July 20, the company revealed that it held 5,777,468 ETH after adding 7,430 tokens during the previous week. The latest purchase cost about $14 million, making it one of BitMine’s smallest weekly allocations to ETH.

Based on BitMine’s estimate of 120. 7 million ETH in circulation, a 5% position would equal 6. 035 million tokens, leaving the company 257,532 ETH short of its target.

Market Dynamics

That remaining ETH would cost about $483. 9 million at the $1,879 price BitMine used to value its holdings. The dollar requirement will fluctuate with ETH's market price, while the number of tokens needed could also change as Ethereum’s supply expands or contracts.

BMNR buyback takes priority over ETH purchases The ETH purchase slowdown came as BitMine spent almost six times as much buying its own shares. According to its press statement, BitMine repurchased about 5. 5 million BMNR common shares during the week at an average price of $15.

6156, putting the transaction’s value at roughly $85. Combined with its ether purchase, the company deployed close to $100 million across the two assets. The repurchase was conducted under a previously authorized $4 billion program.

Market Impact

Chairman Thomas “Tom” Lee said the smaller ETH purchase reflected the decision to allocate capital to BitMine’s stock, which management regarded as beneficial to shareholders. The company nevertheless continued a record of buying ETH every week since starting the strategy on June 30, 2025. The pace has dropped sharply from the preceding week, when BitMine bought 27,801 ETH.

Its latest addition was about 73% smaller and followed purchases totaling nearly 70,000 ETH during the first two weekly reporting periods of July. Still, this change is consistent with guidance Lee gave in his July chairman’s message. He said BitMine intended to approach the 5% level gradually and did not plan to accelerate beyond that concentration threshold.

Lee cited changes taking place around the Ethereum Foundation and said the company wanted to avoid building a position substantially larger than 5% of the network’s supply. The target is therefore becoming a ceiling as well as a milestone. BitMine has completed about 95.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.