Arkham: Bitmine ETH holdings are approaching the 5% target, and after reaching the target, it is most likely to slow down buying rather than stop

According to Arkham Research, Bitmine, the world's largest Ethereum treasury company, currently holds approximately 5.81 million ETH, valued at nearly $11 billion. After 14 months of continuous accumulation, its holdings have reached 4.8% of the ETH supply, achieving about 96% of its publicly set acquisition target of 5%. Unlike Bitcoin treasury companies such as Strategy, Bitmine has used over 5 million ETH for staking to earn interest, with an annualized staking income estimated at approximately $257 million based on a yield of about 2.63%.

According to Arkham's analysis, the most likely scenario for the trajectory after reaching the 5% target is that Bitmine will slow down its purchases. On-chain data shows that its acquisition pace has already slowed this year, and after surpassing 5%, it may shift towards balance sheet management and maximizing staking returns. The second most likely scenario is to continue buying at the same pace. Considering that Tom Lee, co-founder of Fundstrat, who leads this strategy, has consistently been bullish, it is possible that they will continue to increase their holdings after breaking through 5%. The least likely scenario is to completely stop buying. If this largest enterprise-level ETH buyer in the market exits the demand side, it may temporarily weaken bullish sentiment, but even without new additions, its staking holdings will still grow passively through network rewards.