BitMine ETH accumulation accelerated on Sept. 4, 2025. The company added 14,665 Ether worth approximately $65.3 million, lifting its strategic reserve to 1,881,639 ETH. At current market levels, the hoard is valued around $8.4 billion, implying roughly $4,452 per ETH for the latest tranche and about 1.6% of circulating supply. Today’s move continues one of 2025’s fastest corporate build-ups in a major crypto asset by a public company.

Key Takeaways

– shows today’s 14,665 ETH ($65.3M) purchase lifted reserves to 1,881,639 ETH, valuing BitMine’s ETH treasury near $8.4B at an implied $4,452 per ETH – reveals holdings grew by 1,718,497 ETH since July 14’s 163,142 ETH, a roughly 10.5x increase over 52 days, averaging about 33,000 ETH per day – demonstrates share of float rising from about 1.55% to roughly 1.56% on Sept. 4, adding 14,665 ETH intraday and nudging corporate ownership higher – indicates August accumulation included a 106,485 ETH buy in 10 hours and a 373,110 ETH weekly jump, underscoring large OTC-fueled inflows – suggests reaching a 5% ETH supply target needs about 4.14M more ETH, implying nearly $18B in capital at ~$4,450 per coin and ~219% growth

BitMine ETH accumulation crosses 1.88M: pace, pricing, float share

BitMine’s latest 14,665 ETH buy adds about 0.78% to its existing stack in a single session. At $65.3 million, that implies an execution price near $4,452 per coin—consistent with the firm’s recent price bands for large blocks and the prevailing market rate. The cumulative reserve now stands at 1,881,639 ETH, worth roughly $8.4 billion, cementing BitMine’s role as a primary corporate demand source for Ether.

Measured against the circulating supply, BitMine’s share edges toward approximately 1.6%. That may appear marginal in percentage terms, but at this scale, every basis point denotes tens of thousands of ETH removed from liquid markets. The path from 1.55% to roughly 1.56% within hours underscores the sensitivity of supply-share metrics to single-day purchases of this magnitude.

Speed remains the standout statistic. From mid-August to early September, BitMine added hundreds of thousands of ETH in bursts, alternating between sizable day-of buys and steady follow-through. At various points over the last three weeks, the company’s net additions translated into 25,000–33,000 ETH per day, a run rate that would take many exchanges’ spot liquidity by surprise.

A rapid timeline of purchases since July

BitMine’s accumulation began modestly this summer. On July 14, the company disclosed 163,142 ETH valued near $500 million at a reference price of $3,072.67 per ETH, funded in part by a $250 million private placement that underpinned its emerging “Ethereum treasury” strategy [3].

By Aug. 16, the pace had transformed into a sprint. BitMine purchased 106,485 ETH worth roughly $470.5 million in about 10 hours, bringing its total to 1,297,093 ETH and demonstrating reliance on institutional intermediaries and OTC partners such as Galaxy Digital and BitGo to limit market slippage [4].

Two days later, on Aug. 18, The Block reported BitMine had grown to 1,523,373 ETH valued near $6.61 billion, with roughly 373,110 ETH added week-over-week. Chairman Tom Lee outlined a target of up to 5% of ETH supply, as the company positioned itself as one of the largest digital-asset treasuries—second only to Strategy by its own claim [2].

The buying continued into late August. On Aug. 24, BitMine added another 9,600 ETH for about $45 million, lifting holdings to roughly 1,585,461 ETH valued near $7.5 billion. The company reiterated its long-term “Ethereum treasury” approach, with backing from institutional investors including ARK Invest and Pantera Capital [5].

Market context on Sept. 4 and treasury composition

Earlier on Sept. 4, Cointelegraph reported BitMine at 1,866,974 ETH—about 1.55% of Ether’s circulating supply—plus 192 BTC and roughly $635 million in cash, with combined capital approaching $8.98 billion on the day of the announcement [1].

Against that backdrop, today’s additional 14,665 ETH pushes the ETH reserve to 1,881,639 coins. In percentage terms, the move is small, but it underscores the company’s willingness to keep buying on strength and maintain consistent OTC execution, minimizing obvious price impact while steadily increasing its share of the float.

What the BitMine ETH strategy signals for supply and volatility

A consistent buyer of this size has two immediate effects: it reduces liquid supply and it stabilizes demand. With BitMine’s orders routed largely through OTC desks and institutional intermediaries, these flows may not hit exchange order books directly, but they eventually manifest as lower available spot inventory and more pronounced liquidity gaps during rapid market moves.

Beyond spot dynamics, corporate treasuries tend to have longer holding windows than trading firms, muting short-term sell pressure. That can elevate the “stickiness” of supply at higher prices. In Ether’s case, the network’s staking yield adds a compounding dimension: a portion of BitMine’s reserve could be staked, potentially enhancing long-run returns without increasing sell-side risk. Even absent staking, the optics of a public company stockpiling ETH at scale can reinforce bullish narratives and bring in parallel institutional interest.

However, steady OTC absorption can also raise volatility during risk-off periods. As exchange balances shrink, marginal sellers can move price more easily if bids thin out. The balance between corporate demand and market depth will determine whether BitMine’s accumulation ultimately narrows or widens short-term price swings.

How BitMine’s trajectory to 2M and 5% looks in numbers

From 1,881,639 ETH, the 2 million milestone is 118,361 ETH away. At a conservative 25,000 ETH per day—well below the highest recent run rates—BitMine could, in theory, reach 2 million ETH in less than a week. At a slower clip of 10,000 ETH per day, it would take about 12 days, highlighting how quickly round-number milestones can fall when OTC capacity and balance-sheet resources are aligned.

The 5% supply target is a different order of magnitude. Using 1,866,974 ETH equaling roughly 1.55% as a reference point implies a circulating supply near 120.5 million ETH. Five percent of that is about 6.02 million ETH. With 1,881,639 ETH already on the balance sheet, BitMine would need roughly 4.14 million more ETH. At approximately $4,450 per ETH, that represents on the order of $18 billion in additional capital, excluding execution costs and potential slippage.

Liquidity, execution, and pricing considerations

Executing multi-billion-dollar ETH purchases requires meticulous sourcing. OTC desks, brokerages, and custodians help locate block liquidity, match institutional sellers, and settle transfers without telegraphing intent to public order books. That limits immediate price impact but can tighten available supply over time, raising the cost of the next marginal coin acquired.

Pricing efficiency hinges on blend and cadence. BitMine’s disclosed blocks range from five-figure ETH tranches to notable week-over-week expansions. The blend of rapid bursts and steady adds spreads execution risk across market conditions. It also helps avoid obvious footprints that could invite front-running or widen spreads, particularly during thin global hours.

Risks that could slow BitMine’s spree

Three risk clusters stand out. First, liquidity: if competing institutions accelerate ETH accumulation, block availability could shrink, widening OTC spreads and pushing up blended acquisition costs. Second, regulation: treasury concentration in digital assets can attract scrutiny, and policy shifts in key jurisdictions could alter capital allocation or custody frameworks.

Third, market risk: a sharp drawdown could test conviction and trigger internal risk limits. While long-horizon buyers often view dips as opportunities, mark-to-market pressure, financing conditions, or stakeholder expectations can force pacing changes. For now, BitMine’s message is consistent—continue building the ETH reserve—but the scale of the 5% ambition implies multiple cycles of execution discipline.

Sources: [1] Cointelegraph – Bitmine now holds 1.86M ETH, about 1.6% of circulating Ether: https://cointelegraph.com/news/bitmine-holds-1-86m-eth-1-5-of-all-ether [2] The Block – BitMine grows corporate Ethereum holdings to $6.6 billion, claims to be second-largest DAT after Strategy: www.theblock.co/post/367244/bitmine-grows-corporate-ethereum-holdings-to-6-6-billion-claims-to-be-second-largest-dat-after-strategy/” target=”_blank” rel=”nofollow noopener noreferrer”>https://www.theblock.co/post/367244/bitmine-grows-corporate-ethereum-holdings-to-6-6-billion-claims-to-be-second-largest-dat-after-strategy/ [3] PR Newswire – BitMine Immersion Now Holds Approximately $500 Million of Ethereum to Advance its Ethereum Treasury Strategy: www.prnewswire.com/news-releases/bitmine-immersion-now-holds-approximately-500-million-of-ethereum-to-advance-its-ethereum-treasury-strategy-302504282.html” target=”_blank” rel=”nofollow noopener noreferrer”>https://www.prnewswire.com/news-releases/bitmine-immersion-now-holds-approximately-500-million-of-ethereum-to-advance-its-ethereum-treasury-strategy-302504282.html [4] Cointelegraph – BitMine, Mystery Whale Snap Up $882M in Ether Amid Institutional Buying Wave: https://cointelegraph.com/news/ether-accumulation-heats-up-882m-in-eth-snapped-up-by-bitmine-whale [5] Crypto.news – BitMine deepens its Ethereum bet with $46m as corporate holdings surge: https://crypto.news/bitmine-deepens-its-ethereum-bet-with-46m-as-corporate-holdings-surge/

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