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

The financial backdrop to the streak is less flattering. The latest tranche was worth roughly $69.5 million, implying an average entry price of $2,495 per ETH across the entire 5.93 million token position. Per Dropstab data cited alongside the filing, Bitmine is currently carrying about $5.1 billion in unrealized losses on its holdings, with ETH down 16% since the start of 2026 and trading near $2,469. The updated reserve report also pegs expected annualized staking revenue at $330 million on its staked position — a lower figure than the $386 million previously estimated at the 2.61% network yield. Market reaction was muted: NYSE-listed BMNR opened down more than 2% on Tuesday, on track to extend its double-digit year-to-date decline.

The filing, which has also entered SEC records, adds new granularity on the position's economics. At the $2,495 reference price, Bitmine's 5,929,198 ETH is valued at roughly $14.79 billion, with the staked 5,067,309 ETH representing about $12.6 billion of that total. The company's average ETH entry price now stands at $3,036 — a notably different baseline than the earlier implied average — and the reserve stood at 5.90 million ETH as of August 30 and 5.82 million on August 18, meaning over 110,000 ETH were added in roughly three weeks. Chairman Tom Lee reiterated that the strategy remains on course, with tokenization and AI-driven applications expected to support Ethereum usage. Reaching the full 5% target now requires accumulating approximately 170,000 additional ETH.

Adding further color to the bull case, technical analyst Tom DeMark — founder of DeMark Analytics and a Bitmine capital markets advisor — characterized August's ETH consolidation as constructive, noting that ETH traded sideways without a downside breakout and that his 12-count setup has matured, signaling a potential resumption of the uptrend. Tom Lee also pointed to Ethereum's relative strength, saying ETH has been the best-performing major macro asset in the third quarter, outpacing the S&P 500 by 5,430 basis points as of Friday, with ETH, Bitcoin and Solana the top three performers since June 30. Lee expects the final months of 2026 to bring stronger institutional crypto buying, driven by regulatory progress, tokenization and agentic AI, though Bitmine's concentrated position would amplify losses as well as gains if ETH weakens.

Beyond the headline accumulation figures, the latest update adds fresh detail on Bitmine's corporate standing and revenue mix. The company now claims the title of the world's largest corporate ETH treasury and the second-largest cryptocurrency treasury overall, trailing only Strategy, which reports 840,447 BTC valued near $66 billion. Staking has effectively become the business: Bitmine earned $45.7 million from staking and validation in the three months ended May 31, about 98% of its $46.5 million in quarterly revenue, an income stream management says can support dividends on its NYSE-listed 9.50% Series A Perpetual Preferred Stock (BMNP). Meanwhile, Fundstrat data pegged BMNR's average daily volume at $1.1 billion in the five sessions through Sep. 4, ranking 81st among 5,704 U.S.-listed stocks, with an 80% correlation to ETH.

(as of 18:53 UTC) COINOTAG's 42-indicator composite frames a constructive but tested setup for ETH at $2,485.91, up 0.24% over 24 hours with a $303.73B market cap. The nearest shelf of support sits at $2,483.45, a STRONG 89/100 confluence of the BB Middle, SMA 20, Flip R→S and Ichimoku Tenkan, with deeper STRONG zones at $2,366.59 (61/100, Donchian Lower, Swing Low, HVN, Fibo 0.214) and $1,956.21 (61/100, SMA 100, Flip R→S, Fibo 0.618, LVN), plus moderate floors at $2,161.29 (56/100, HVN, SMA 50, EMA 100, Fibo 0.382) and $2,430.04 (39/100, EMA 20, ATR Lower, BB Lower, Pivot Point). Overhead, $2,496.42 is the line in the sand — a 77/100 STRONG cluster of Flip S→R, Doji, MACD Cross and BB Upper — while moderate resistance thins out toward $2,586.97 (51/100, ATR Upper, Keltner Upper, R3), $2,855.08 (46/100), $3,005.72 (41/100) and $3,222.14 (40/100). Derivatives positioning is mildly leveraged-long: funding at 0.0030%, $9.94B in open interest and a 1.37 long/short account ratio (57.9% long), while an RSI of 63.00 and a bearish MACD signal temper an otherwise intact uptrend. With the Fear & Greed Index at 66 (Greed) and BTC commanding 68.0% of COINOTAG's tracked $2.32T market, a decisive break above $2,496.42 keeps the path toward $2,855.08 open; losing $2,483.45 would likely send price back toward the $2,430.04 and $2,366.59 supports.