$ETHthe native cryptocurrency of the Ethereum ecosystem, rose 0.95% during Friday U.S. market hours to trade at $2,312. The current buying pressure has increased following the traditional US stock market as indexes such as the S&P 500 and Nasdaq hit new highs. Steady buying pressure from treasury companies like BitMine has given the coin price further momentum. Through relentless acquisitions, the company is moving closer to its self-proclaimed goal of owning 5% of all Ethereum in existence. Once achieved, will BitMine be silent on further accumulation? $ETH and how it will affect the price of Ethereum.
Origin of strategy
BitMine’s Ethereum obsession started off well. The company immediately closed a $250 million private placement in which it invested $ETHI doubled my stake within days of the trade closing. Fundstrat founder Thomas “Tom” Lee is the architect of the plan and chairman of BitMine, the public face of Ethereum believers.
Lee’s thesis was simple but brave. Copy MicroStrategy Bitcoin, but this time use Ethereum. MicroStrategy’s continued Bitcoin purchases fueled growth to what analysts describe as a “sovereign put.” If a nation wants to buy 5% of the Bitcoin network, it will find it easiest to buy MSTR.
Lee said the same thing could happen. $ETH The same goes for Bitcoin, which he called a “Wall Street put.” Any meaningful use of Ethereum at an organizational level will ultimately have to go through BitMine.
5% target and purchasing machine
The number “5%” is not a random number. This was the turning point when Mr. Lee and Mr. Bitmain decided their investment was strategically important enough to attract interest from sovereign wealth funds, Wall Street financial institutions, and nation-states. Currently, BitMine holds over 4.29% of Ethereum’s total circulating supply of 120.7 million tokens and says it is 82% of the way to the milestone. The pace of purchases is staggering. The company alone purchased 71,524 units. $ETH This was the highest single-week purchase amount since December 2025. At this pace, the 5% finish line won’t be far away. It’s just a matter of a few weeks.
