{"id":33351,"date":"2026-06-29T14:49:43","date_gmt":"2026-06-29T14:49:43","guid":{"rendered":"https:\/\/bitunikey.com\/news\/tom-lee-pushes-bitmine-closer-to-owning-5-of-ethereum-supply\/"},"modified":"2026-06-29T14:49:52","modified_gmt":"2026-06-29T14:49:52","slug":"tom-lee-pushes-bitmine-closer-to-owning-5-of-ethereum-supply","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/tom-lee-pushes-bitmine-closer-to-owning-5-of-ethereum-supply\/","title":{"rendered":"Tom Lee pushes Bitmine closer to owning 5% of Ethereum supply"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Bitmine has increased its Ethereum holdings to more than 5.7 million ETH, bringing the company within reach of its stated goal of controlling 5% of the cryptocurrency\u2019s circulating supply.<\/p>\n<div id=\"cn-block-summary-block_6e2329a2f1ec35ecca6855e65abbd06b\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Bitmine added 27,084 ETH last week, increasing its treasury to more than 5.7 million ETH, or about 4.7% of Ethereum\u2019s supply.<\/li>\n<li>Chairman Tom Lee said the company remains on track to reach its goal of controlling 5% of Ethereum\u2019s circulating supply in 2026.<\/li>\n<li>Ethereum continues to hold above key support near $1,510, while Bitmine and other treasury firms keep accumulating despite recent market weakness.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to a June 29 company <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-70-million-tokens-and-total-crypto-and-total-cash-holdings-of-9-8-billion-302812787.html\" target=\"_blank\" rel=\"nofollow\">announcement<\/a>, the Ethereum treasury firm purchased another 27,084 ETH over the past week, lifting its total holdings to just over 5.7 million ETH.<\/p>\n<p>Based on Bitmine\u2019s figures, the treasury now represents about 4.7% of Ethereum\u2019s estimated circulating supply of 120.7 million ETH, while Chairman Tom Lee reiterated his expectation that the company could reach the \u201calchemy of 5%\u201d sometime in 2026.<\/p>\n<h2 class=\"wp-block-heading\">Bitmine expands Ethereum treasury through steady buying<\/h2>\n<p>The latest purchase continues Bitmine\u2019s accumulation strategy despite a difficult week for the crypto market. Ethereum fell around 8% during the period, yet the company maintained its buying pace while keeping most of its holdings in staking.<\/p>\n<p>Per the announcement, Bitmine has staked nearly 4.9 million ETH, or about 85% of its treasury, with those holdings valued at roughly $7.7 billion at current market prices.<\/p>\n<p>Tom Lee said the company projects annualized staking revenue of about $211 million, while its staking operations have recently generated an annualized seven-day yield of 2.75%.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Bitmine\u2019s scale has made it the largest publicly traded Ethereum treasury company. Its Arkham wallet <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/arkm.com\/explorer\/entity\/bitmine\" target=\"_blank\" rel=\"nofollow\">page<\/a> has become a closely watched reference for investors tracking the firm\u2019s purchases and staking activity, drawing attention to both the rapid expansion of its treasury and its exposure to Ethereum price swings.<\/p>\n<p>Earlier this month, crypto.news examined what could happen if treasury companies continue accumulating large portions of Ethereum\u2019s supply. The report noted that while sustained buying can reduce liquid supply available on the market, concentrated ownership may also increase risks if companies later finance operations through debt, equity issuance, or asset sales during weaker market conditions.<\/p>\n<h2 class=\"wp-block-heading\">Institutional positioning continues despite weak price action<\/h2>\n<p>Separately, Bitmine said it has joined the Russell 1000 index following the annual reconstitution of the benchmark. Tom Lee stated that the inclusion could introduce hundreds or even thousands of additional institutional investors to the company\u2019s shareholder base.<\/p>\n<p>Although Ethereum has struggled in recent weeks, Lee pointed to several industry developments that he believes remain supportive. He cited the launch of Ethlabs and the Bank of England\u2019s softer position on stablecoins as positive developments for the Ethereum ecosystem.<\/p>\n<p>Commenting on the recent weakness across crypto markets, Lee said the selling pressure was consistent with quarter-end portfolio repositioning rather than a change in Ethereum\u2019s long-term outlook.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are nearing quarter-end for June, and it is not surprising to see \u2018window dressing\u2019 leading to investors reducing their holdings in assets which have fallen in the past 3 months.\u201d<\/p>\n<\/blockquote>\n<p>The latest treasury purchase also comes as other publicly traded Ethereum holders continue adding to their positions. According to blockchain data highlighted by crypto analyst Rain, SharpLink acquired 39,196 ETH worth about $62.4 million over three days, even as spot Ethereum exchange-traded funds recorded a seventh straight week of net outflows.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Sharplink bought $62.4M of <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> in three days after sitting out for eight months.<\/p>\n<p>39,196 ETH total. 5,000 Thursday. 5,000 Friday. 29,196 across three OTC deals Saturday.<\/p>\n<p>ETH is down 22.8% month-on-month, near 50% since January.<\/p>\n<p>Spot ETH ETFs hit seven straight weeks of\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/wdLPbd2PO4\">pic.twitter.com\/wdLPbd2PO4<\/a><\/p>\n<p>\u2014 Rain (@raintures) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/raintures\/status\/2071486873231323541?ref_src=twsrc%5Etfw\">June 29, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Rain argued that the buying suggests some corporate treasury managers are positioning for long-term institutional adoption rather than responding to short-term market momentum.<\/p>\n<p>Bitmine\u2019s Ethereum strategy has also become increasingly linked to its public-market structure. In an earlier report, crypto.news noted that the company\u2019s BMNP preferred-share dividend plan ties shareholder payments to the size of its Ethereum treasury and the income generated from staking, making staking returns a core part of the firm\u2019s capital strategy rather than simply an additional revenue source.<\/p>\n<h2 class=\"wp-block-heading\">Ethereum remains pinned near major support<\/h2>\n<p>From a technical perspective, Ethereum appears to be forming a descending triangle on the daily chart, with a series of lower highs pressing against horizontal support near $1,510. The pattern suggests sellers continue to gain control while buyers defend the same price zone.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Ethereum daily price chart \u2014 June 29 | Source: crypto.news<\/figcaption><\/figure>\n<p>Momentum indicators remain cautious. The daily RSI is holding near 31, close to oversold territory, suggesting selling pressure has eased but buyers have yet to regain control. Meanwhile, the MACD remains below the zero line despite flattening out, indicating bearish momentum is weakening without confirming a reversal.<\/p>\n<p>A breakout above the descending trendline and the $1,700 resistance could invalidate the bearish setup and open the way toward the $1,860 Fibonacci resistance. Conversely, a decisive break below the $1,510 support would confirm the descending triangle and could accelerate losses toward the psychological $1,400 level.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitmine has increased its Ethereum holdings to more than 5.7 million ETH, bringing the company within reach of its stated goal of controlling 5% of the cryptocurrency\u2019s circulating supply. Summary&hellip;<\/p>\n","protected":false},"author":1,"featured_media":32246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=33351"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33351\/revisions"}],"predecessor-version":[{"id":33352,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33351\/revisions\/33352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/32246"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=33351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=33351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=33351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}