Bitmine Holds 5.78M ETH, Accounting for 4.8% of Circulating Supply
Alina Collins
Ethereum's largest corporate holder Bitmine disclosed 5.78 million ETH worth roughly $11.2 billion, representing 4.8% of circulating supply and inching toward its 5% target — a single public company is turning Ethereum into a balance-sheet cornerstone.
What does 5.78 million ETH actually look like?
As of July 26, Bitmine holds 5,787,414 ETH valued at roughly $11.2 billion at $1,948 per coin.
Including 208 BTC and cash, total crypto assets and marketable securities reach $11.8 billion.
This means → one listed company controls nearly one-twentieth of all ETH in circulation — a stake comparable to a major shareholder in any traditional asset class.
Still buying every week — but how fast?
Last week Bitmine added 9,946 ETH, worth about $19.4 million, up from 7,430 the prior week.
That pace is still well below the tens of thousands per week the company was buying earlier this year.
In plain terms = still buying, just slower — likely because rising prices mean fewer coins per dollar, or the company is easing off as it nears the target.
Since launching its ETH reserve strategy in June 2025, Bitmine has added coins every single week without interruption.
What else is the company doing with its cash?
Chairman Tom Lee announced the company repurchased 6.1 million shares last week under its $4 billion buyback authorization, up from 5.5 million the prior week.
This means → the company is spending on two fronts simultaneously — stacking ETH and buying back its own stock — a clear signal that management sees both the coin and the equity as undervalued.
Why does the ETH/BTC ratio matter here?
Tom Lee framed ETH's recent outperformance versus BTC as a sign of renewed momentum across crypto.
The ETH/BTC ratio — Ethereum's price divided by Bitcoin's, showing which is gaining faster — sits at a three-month high of 0.3000.
He stated: "Even though the odds of the CLARITY Act passing in 2026 have declined, the ETH/BTC ratio keeps climbing — that signals further ETH strength ahead."
In plain terms = when Ethereum rises faster than Bitcoin, it usually means capital is rotating from "safe-haven hoarding" toward "risk-on, seeking higher returns" — a sign of warming sentiment.
How much has ETH gained — and where is the next test?
ETH hit a ten-week high, gaining roughly 24% over the past month and sharply outperforming Bitcoin's roughly 8% rise over the same period.
Tom Lee flagged $2,000 and $2,500 as the next technical resistance levels to watch.
This reflects a market delivering interim validation of Bitmine's strategy — but the real test is whether the company can cross 5% of circulating supply while ETH keeps rallying and each new coin costs more.
Content is for reference only, not financial advice.