Bitmine’s Ether Treasury Nears 5.8 Million ETH as Ethereum Outpaces Bitcoin

Tom Lee set a public target for his company to hold 5% of all the ether that will ever exist. Bitmine just moved close enough to that goal that the number is no longer a distant ambition — it’s a near-term milestone, one purchase at a time.

The Ethereum treasury company added roughly 9,946 ETH in its most recent purchase, lifting total holdings to about 5.79 million ether, worth roughly $11.2 billion at current prices and equal to close to 4.8% of ether’s entire circulating supply. That is up from an already large accumulation earlier this month, when the firm added over 42,000 ETH in a single move.

The buying spree lines up with a broader trend: ether has been one of the strongest performers in the crypto market over the past month, gaining around 24% versus Bitcoin’s roughly 8% gain over the same period, a divergence Lee has repeatedly pointed to as evidence that sentiment is shifting in Ethereum’s favor.

Lee’s stated reasoning ties directly back to Washington. He has attributed both ether’s outperformance and his own continued buying to growing optimism that the CLARITY Act will eventually pass and bring clearer regulatory treatment specifically benefiting Ethereum-based assets. That optimism has taken a hit recently, with the bill’s odds of passing this year sliding as the Senate pushes a floor vote past its August recess, yet Lee has continued framing the rising ETH/BTC ratio as a signal of strengthening crypto sentiment regardless.

Whether a single treasury company accumulating toward a self-set 5% target should be read as a bullish signal for the broader market, or simply as one firm’s concentrated bet, is very much a matter of perspective — but at nearly $11 billion in holdings, Bitmine’s buying has become large enough that the market is watching it either way.

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