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Bitmine has pushed its Ethereum holdings past 5.7 million ETH after another week of steady buying, putting the company within striking distance of its publicly stated goal: controlling 5% of Ethereum’s entire circulating supply.
Another Week, Another Purchase
According to a June 29 company announcement, Bitmine added 27,084 ETH over the past week, lifting its total treasury to just over 5.7 million tokens. Based on those figures, the firm now holds roughly 4.7% of Ethereum’s estimated 120.7 million circulating supply. Chairman Tom Lee reiterated his expectation that Bitmine could reach what he’s called the “alchemy of 5%” sometime in 2026.
Buying Through a Down Week
What stands out about the latest purchase is the timing — it came during a rough stretch for the broader market, with Ethereum falling around 8% over the same period. Bitmine kept accumulating regardless, and continues to keep the bulk of its holdings staked rather than idle: nearly 4.9 million ETH, or about 85% of the treasury, is currently staked and worth roughly $7.7 billion at current prices.
Lee said the company projects annualized staking revenue of around $211 million, with its staking operations recently posting an annualized seven-day yield of 2.75%. That staking income has become more than a side benefit — it’s increasingly tied to Bitmine’s capital structure directly, with the firm’s BMNP preferred-share dividend plan linking shareholder payouts to both the size of the Ethereum treasury and the income it generates.
Sharplink bought $62.4M of $ETH in three days after sitting out for eight months.
39,196 ETH total. 5,000 Thursday. 5,000 Friday. 29,196 across three OTC deals Saturday.
ETH is down 22.8% month-on-month, near 50% since January.
Spot ETH ETFs hit seven straight weeks of… pic.twitter.com/wdLPbd2PO4— Rain (@raintures) June 29, 2026
A Bigger Institutional Footprint
Bitmine’s scale has made it the largest publicly traded Ethereum treasury company, and its on-chain wallet activity has become something of a bellwether that investors track closely for both the pace of purchases and exposure to ETH price swings. The firm also announced it has joined the Russell 1000 index following the benchmark’s annual reconstitution — a move Lee said could bring hundreds or even thousands of new institutional shareholders into the company’s investor base.
Lee pushed back on reading too much into Ethereum’s recent weakness, attributing the selling pressure to quarter-end portfolio rebalancing rather than any shift in the network’s long-term outlook, and pointed to recent developments — including the launch of Ethlabs and a softer stance on stablecoins from the Bank of England — as reasons for continued optimism.
Not the Only One Buying
Bitmine isn’t alone in adding to its position. Blockchain data highlighted by crypto analyst Rain shows SharpLink purchased 39,196 ETH worth roughly $62.4 million over three days, re-entering the market after sitting on the sidelines for eight months — even as spot Ethereum ETFs notched a seventh consecutive week of net outflows. Rain suggested the buying points to some corporate treasury managers positioning for long-term adoption rather than chasing short-term price momentum.
The Technical Setup Remains Shaky
On the chart, Ethereum is forming what looks like a descending triangle, with a sequence of lower highs pressing against horizontal support near $1,510 — a pattern that typically favors sellers. Momentum indicators echo that caution: the daily RSI sits near 31, close to oversold territory, suggesting selling pressure has eased without buyers fully regaining control, while MACD remains below the zero line even as it flattens out.
A break above the descending trendline and the $1,700 resistance level would challenge the bearish setup and open a path toward $1,860 resistance. A decisive move below $1,510, on the other hand, would confirm the bearish pattern and could accelerate losses toward the psychologically significant $1,400 level.
This is news and market commentary, not financial advice. Cryptocurrency markets carry significant volatility risk, and any trading decisions should involve independent research. Reporting drawn from coverage by crypto.news (Lawrence Mondal).
