Bitmine Nears 5% Ethereum Ownership Goal Amid $400M Buyback Milestone

The firm now holds 6.05 million ETH, representing 4.95% of the total circulating supply. To reach its self-imposed "Alchemy of 5%" cap, Bitmine requires roughly 58,067 additional tokens. While the pace of accumulation has moderated in recent weeks—dropping from over 15,000 weekly purchases earlier in October—the company maintains a consistent buying schedule established in mid-2025.

Financial strategy remains bifurcated between asset accumulation and shareholder returns. The company spent approximately $45.9 million on 2.04 million shares during the latest reporting period, pushing total annual buybacks to 22.9 million shares. Chairman Tom Lee characterized the effort as the largest common equity buyback in the history of crypto treasury management. Beyond its core Ethereum holdings, Bitmine continues to leverage its treasury for yield, with 5.22 million ETH currently staked through its MAVAN network. This activity generates an estimated $318 million in annualized revenue, a figure the firm expects to grow if it stakes its remaining uncommitted tokens.