Bitmine Nears 5% of Ethereum Supply with $17.1 Billion Investment

Ethereum supply — Fundstrat’s Tom Lee declared a crypto bull market is underway as investment firm Bitmine approaches owning 5% of Ethereum’s circulating supply following a major purchase.

The company acquired an additional 27,562 ETH, bringing its total holdings to over 4.9% of the network’s supply. Bitmine’s cumulative investment in the asset now stands at $17.1 billion, according to data cited by The Block.

Lee’s bullish statement accompanied the report of this significant accumulation, framing the large-scale institutional buy as a signal of strong market conviction. The move highlights continued institutional capital flowing into major crypto assets beyond Bitcoin.

The scale of Bitmine’s position makes it one of the largest single-entity holders of Ethereum, a concentration that market observers often watch for its potential impact on supply dynamics and network governance.