Bitmine nears 5% Ethereum supply target with $20M ETH purchase

Bitmine purchased roughly $20 million in ETH, advancing its goal of controlling 5% of Ethereum’s total supply. The acquisition adds to the company’s growing Ethereum treasury and raises its ownership concentration in the asset. The move matters because large, sustained accumulation by a single holder can tighten available float and influence market liquidity and price stability. Traders will watch whether Bitmine keeps buying toward the 5% threshold and how the resulting supply overhang affects ETH trading flows.