Bitmine Surpasses 4% Ethereum Supply Milestone After Massive $157 Million Purchase
Bitmine, the world's second-largest cryptocurrency treasury, has announced a significant achievement, pushing its Ethereum (ETH) holdings to 4% of the total ETH supply. This milestone follows the company's latest substantial acquisition of 71,524 ETH, valued at approximately $157 million, marking its largest weekly purchase since December 2025.
Strategic Accumulation and Lofty Goals
The recent ETH acquisition underscores Bitmine's aggressive "Moonshots" initiative, which aims to control 5% of Ethereum's 120.7 million circulating supply. With the current holdings, the company is now 81% of the way to achieving this ambitious target. Bitmine's total crypto and cash reserves currently stand at an impressive $11.8 billion, comprising 4,874,858 ETH, 198 Bitcoin (BTC), significant stakes in Beast Industries ($200 million) and Eightco Holdings ($85 million), alongside $719 million in unencumbered cash. These strategic moves coincide with the firm's recent uplisting to the NYSE American on April 9, 2026, and an expansion of its share repurchase program to $4 billion, signaling strong corporate confidence.
Ethereum's Performance and Future Outlook
Amidst escalating geopolitical tensions, specifically the US-Iran conflict, Ethereum has emerged as a top performer. Bitmine's Chairman, Tom Lee, highlighted ETH's 17.4% gain since the conflict's outset, outperforming the S&P 500 by 1,830 basis points and gold by 2,743 basis points, reinforcing its status as a wartime store of value. The second quarter of the year has historically been favorable for Ethereum, with analyst Daan Crypto Trades noting that Q2 generally yields positive returns for ETH. This quarter has started "slightly in the green," with a 3.7% Quarter-to-Date (QTD) increase. Currently, ETH is hovering within a critical support zone of $2,150-$2,200, with a potential rally towards $2,400 if this level holds. However, Daan also cautioned investors, advising to "take everything with a grain of salt," as historical crypto price action has not always been favorable over the past year.
