Tom Lee pushes Bitmine closer to owning 5% of Ethereum supply

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’s circulating supply.

According to a June 29 company announcement, the Ethereum treasury firm purchased another 27,084 ETH over the past week, lifting its total holdings to just over 5.7 million ETH.

Based on Bitmine’s figures, the treasury now represents about 4.7% of Ethereum’s estimated circulating supply of 120.7 million ETH, while Chairman Tom Lee reiterated his expectation that the company could reach the “alchemy of 5%” sometime in 2026.

Bitmine expands Ethereum treasury through steady buying

The latest purchase continues Bitmine’s 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.

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.

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%.

Bitmine’s scale has made it the largest publicly traded Ethereum treasury company. Its Arkham wallet page has become a closely watched reference for investors tracking the firm’s purchases and staking activity, drawing attention to both the rapid expansion of its treasury and its exposure to Ethereum price swings.

Earlier this month, crypto.news examined what could happen if treasury companies continue accumulating large portions of Ethereum’s 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.

Institutional positioning continues despite weak price action

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’s shareholder base.

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’s softer position on stablecoins as positive developments for the Ethereum ecosystem.

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’s long-term outlook.

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.

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.

Bitmine’s Ethereum strategy has also become increasingly linked to its public-market structure. In an earlier report, crypto.news noted that the company’s 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’s capital strategy rather than simply an additional revenue source.

Ethereum remains pinned near major support

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.

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.

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.