Bitmine Extends Ethereum (ETH) Buying Streak to 66 Weeks With 28,086 ETH Purchase

Bitmine's 66-Week Ethereum Buying Streak

Bitmine Immersion Technologies (BMNR) extended its record accumulation run on September 8, disclosing in its latest reserve report that it purchased 28,086 Ethereum (ETH) over the past week — the 66th consecutive weekly buy since the company launched its ETH treasury strategy on June 30, 2025. The purchase, confirmed in the company's official press release, lifts total holdings to 5,929,198 ETH as of September 7, equal to roughly 4.9% of the entire Ethereum supply. That places the firm about 97% of the way toward its stated “Alchemy of 5%” goal of controlling 5% of all ETH in existence. Beyond the core token position, the company's disclosed reserve stack totals $15.7 billion: 211 Bitcoin, a $180 million stake in Beast Industries, a $91 million position in Eightco Holdings, and $593 million in cash and marketable securities. For a company that began buying barely fourteen months ago, the pace is remarkable — averaging on the order of tens of thousands of ETH per week without a single missed week, through every drawdown and consolidation phase the market has thrown at it. The filing also underscores how far the corporate Ethereum accumulation model has matured: Bitmine's balance sheet now resembles a diversified crypto holding vehicle rather than a simple spot purchaser, blending direct ETH exposure, equities stakes and a large liquidity buffer.

MAVAN Staking and the Four Catalysts

The second pillar of the disclosure is staking. According to the report, 5,067,309 ETH — approximately 85% of total holdings — is already staked through MAVAN (Made in America Validator Network), Bitmine's self-built validator infrastructure, which the company claims makes it the largest institutional ETH staker among corporate entities. With the 7-day annualized network yield at 2.61%, Bitmine estimates that staking its full position would generate roughly $386 million in annualized rewards under the network's proof-of-stake design. Notably, MAVAN — originally built to serve only the company's own treasury — has now been opened to external institutional investors, custodians and ecosystem partners, turning an internal cost center into a revenue line. Chairman Tom Lee paired the operational update with a four-point bull case: the CLARITY Act's congressional vote in mid-September as the nearest policy catalyst; a potential rotation of Korean capital out of AI equities and into crypto; fresh institutional demand from the convergence of Wall Street tokenization and agentic AI; and the technical picture, with ETH having held its key support throughout August's sideways trade, which he expects to fuel a rising ETH/BTC ratio into the next bull phase. Lee also highlighted that BMNR common stock is up 99% quarter-to-date, ranking near the top of the Russell 1000. Readers tracking the network's own roadmap can follow how the Ethereum Foundation locks must-ship EIPs into the Hegotá upgrade, another layer of the staking yield story. For a deeper primer, see our guide to staking mechanics. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

The Road to 5% of ETH Supply

Our reading of the primary filing is that the two headline numbers — 66 straight weeks of buying and 85% of holdings staked — describe a single strategy: converting a corporate balance sheet into permanent, yield-bearing ETH exposure rather than trading inventory. At 4.9% of supply and roughly 97% of the 5% target, Bitmine is weeks, not quarters, from a milestone no other corporate entity has approached, and the opening of MAVAN to third parties suggests the firm intends to monetize the infrastructure it built to get there. The mid-September CLARITY Act vote is the nearest test of whether that conviction is rewarded.