Bitmine nears 5% Ethereum supply target

• Bitmine Immersion Technologies bought 27,084 Ethereum (CRYPTO:ETH), increasing its treasury to more than 5.7 million ETH, or about 4.7% of the circulating supply.
• The company said it remains on track to reach its goal of holding 5% of Ethereum's circulating supply in 2026 despite recent market weakness.
• Bitmine continues expanding its staking strategy while increasing institutional exposure through its recent inclusion in the Russell 1000 Index.

Bitmine Immersion Technologies purchased another 27,084 Ethereum (CRYPTO:ETH), lifting its treasury to more than 5.7 million ETH, representing about 4.7% of Ethereum's estimated 120.7 million circulating supply.

The purchase came during a week in which Ethereum fell about 8%, although Bitmine continued accumulating tokens as Chairman Tom Lee reiterated the company's target of reaching 5% of the circulating supply in 2026.

“We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” said Bitmine Chairman Tom Lee.

Bitmine said it has staked nearly 4.9 million ETH, or about 85% of its holdings, valued at approximately US$7.7 billion, and projects annualised staking revenue of about US$211 million based on a recent seven-day annualised yield of 2.75%.

The company also joined the Russell 1000 Index, which Tom Lee said could increase institutional ownership, and following the announcement Bitmine's share price was unchanged at US$---.

Other corporate buyers also continued accumulating Ethereum, with SharpLink Gaming acquiring 39,196 ETH worth about US$62.4 million, even as spot Ethereum exchange-traded funds recorded a seventh consecutive week of net outflows.

Ethereum continues trading above technical support near US$1,510, with resistance around US$1,700 and US$1,860, while analysts continue monitoring whether institutional buying offsets weaker short-term market sentiment.

At the time of reporting, Ethereum price was $1,610.06.