Bitmine is making another aggressive bet on Ethereum, with fresh on-chain activity suggesting the company is getting closer to its goal of owning 5% of the entire ETH supply. The buying comes as Ethereum has gained more than 30% in a week, while analysts point to stronger fundamentals and a possible shift in ETH’s market structure.
Bitmine Keeps Buying Millions in ETH
According to an on-chain analyst Ai Yi, a new wallet accumulated 20,000 ETH worth about $48.89 million in just 50 minutes. Another new address bought 10,000 ETH worth roughly $24.72 million.
The wallets could belong to Bitmine because they match its usual pattern of using new addresses, large round-number transfers and purchases through Kraken, Coinbase and FalconX.
Bitmine also bought 32,447 ETH last week, taking its total holdings to 5,847,611 ETH, worth around $15 billion.
Bitmine Nears Its 5% Ethereum Target
Bitmine wants to own 5% of Ethereum’s total supply, equal to roughly 6.04 million ETH. With nearly 5.85 million ETH already held, the company is now only around 187,000 ETH away from its target.
The accumulation has been building steadily. Bitmine held around 4.66 million ETH in March 2026 and crossed 5.2 million in May, before reaching nearly 5.79 million by late July.
Importantly, most of these holdings are being put to work. Around 87%, or 5.07 million ETH, is staked, with Bitmine expecting about $330 million in annual staking revenue.
ETH Fundamentals Are Getting Stronger
The buying comes as ETH has gained around 31.5% in seven days, outperforming Bitcoin’s roughly 24% rise.
Analyst Ali Martinez noted that since calling the July bottom, ETH has gained 64.20%, compared with 40.70% for Bitcoin.
Other’s mentioned stronger Ethereum fundamentals, including a 59% increase in ETF holdings, a 26% fall in CEX reserves, 15% more ETH staked and a 30% rise in active addresses.
ETH/BTC Signals a Possible Breakout
Analyst Crypto Patel says ETH/BTC has broken its multi-month downtrend, creating a higher high and potentially signaling a shift from bearish to bullish structure.
He sees 0.0270–0.0260 as the key retest zone. If Ethereum holds it, the next ETH/BTC targets could be 0.040, 0.050 and 0.060–0.070.
Tom Lee, Bitmine’s chairman, has also compared ETH’s latest 30%+ weekly gain with previous major breakout periods. He believes easier financial conditions, stronger U.S. crypto support and Treasury purchases could further improve the outlook.
Can ETH Reach $3,000?
Market sentiment has already turned sharply more bullish. Prediction markets now give ETH around a 64% chance of reaching $3,000 before falling to $1,500.
Ethereum is facing strong resistance around $2,500–$2,550. According to Ted, if ETH manages to close the week above this level, there is a possibility of breakout and potentially push Ethereum toward $3,000.
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