Bitmine's Ethereum (ETH) Holdings Reach 5.90 Million Tokens, 98% Toward Supply Goal

Bitmine Nears 5% of All ETH

Bitmine Immersion Technologies (NYSE American: BMNR) now holds 5,901,112 Ethereum (ETH) after adding 53,501 coins over the past week, according to the company's official press release. The position equals roughly 4.9% of Ethereum's total supply of about 120.7 million coins, leaving just under 100,000 ETH — 0.1 percentage point — between the company and its self-styled “Alchemy of 5%” target. Chairman Tom Lee flagged the proximity in a post on X, noting that the world's largest Ethereum treasury company is now 98% of the way to controlling 5% of all ETH in existence. Bitmine launched its treasury strategy on June 30, 2025, and has bought ETH in every one of the 65 weeks since — a cadence that puts the 5% milestone within a single weekly purchase.

86% of the Stack Is Staked

The buying is only half the strategy. Bitmine has staked 5,067,309 ETH — roughly 86% of its holdings, worth about $12.7 billion at the $2,511 per-coin reference price the company applies — and claims no other single entity stakes more ETH. Yield flows through MAVAN (Made in America VAlidator Network), the institutional-grade staking platform launched this year to support Bitmine's own treasury and, going forward, outside institutions, custodians and ecosystem partners. On current positioning, the company projects annualized proof-of-stake rewards of about $335 million from a trailing 7-day annualized yield of 2.63%. If the entire stack moves through MAVAN and its staking partners, management estimates annualized rewards could climb to roughly $390 million.

Tom Lee's Macro Case for Q3

Lee framed the accumulation around Ethereum's market leadership. He argues ETH has been the best-performing major macro asset in the third quarter, outpacing the S&P 500 by 54.3 percentage points through August 28, with Ethereum, Bitcoin and Solana the top three performers since June 30. He pointed to a string of catalysts: the CLARITY Act vote scheduled for mid-September, Korean capital rotating out of AI equities and back into digital assets, and a four-year market cycle he believes bottoms within weeks. Longer term, he expects Wall Street's tokenization of real-world assets and agentic AI's adoption of blockchain rails to lift the ETH/BTC ratio, as retail manias did in the 2017-2018 ICO and 2020-2021 NFT cycles — a thesis consistent with our earlier coverage of Tom Lee's $6,000 Ethereum scenario.

Inside the $15.6 Billion Balance Sheet

Beyond ETH, Bitmine's combined crypto, cash and strategic holdings total $15.6 billion as of August 30. The portfolio includes 211 Bitcoin, $541 million in cash and marketable securities, and two “Moonshot” equity stakes: $180 million in Beast Industries and $81 million in Eightco Holdings (NASDAQ: ORBS), which the company says provides indirect exposure to OpenAI. The scale now registers in equity markets too — Bitmine's stock averaged $1.36 billion in daily trading over the five sessions through August 29, ranking 62nd among 5,704 US-listed names, just behind Texas Instruments. The company positions itself as the second-largest digital-asset treasury among public companies, behind only Strategy's roughly 840,000 BTC, and argues the GENIUS Act and the SEC's Project Crypto will reshape financial services much as the end of Bretton Woods did in 1971. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

$2,542 Ceiling Versus $2,382 Floor

The latest weekly buy of 53,501 ETH — roughly $131 million — marks Bitmine's largest Ethereum purchase since June, per the company's Monday announcement, reversing the smaller sums that had characterized recent weeks in the accumulation streak. The timing followed a sharp August rally in which ETH climbed about 33% over the month, surging from the $1,800–$1,900 range around August 18–19 to above $2,500 before a partial pullback left the asset trading near $2,450. That momentum lifted BMNR shares roughly 38% in August, closing August 28 at $23.80 despite a 7% single-day drop, though the stock remains down about 45% over twelve months versus its 52-week high of $65.60. Underpinning the demand, US spot Ethereum ETFs absorbed approximately $1.06 billion in August, with nine consecutive days of inflows totaling about $1.4 billion from mid-month, while ETH balances on exchanges continued to shrink.

The weekly update also showed movement on the Bitcoin side of the treasury race. Per an 8-K filed with the SEC, Strategy purchased 4,603 BTC between August 24 and 30 for approximately $369.7 million, an average price of about $80,318 per coin. That lifts Strategy's total holdings to 845,050 BTC — a fresh reading above the roughly 840,000 figure cited earlier — with cumulative acquisition costs of about $63.73 billion at an average purchase price near $75,412. The parallel accumulation underscores that while Bitmine closes in on its 5% Ethereum milestone, its largest digital-asset-treasury counterpart continues to expand its own position at a nine-figure weekly pace.

(as of 06:39 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,497.50 resistance at 87/100, driven by the confluence of the Keltner Upper band, overbought Stochastic, R1 and the Fibonacci 0.000 retracement — with the next ceilings at $3,005.72 (46/100, Fibo 1.414), $2,772.63 (43/100, BB Upper and Fibo 1.272) and $3,222.14 (43/100, Fibo 1.618) only moderate. On the downside, our engine scores the $2,461.12 support at 77/100, sourced from the Pivot Point, Fibo 0.114, Ichimoku Tenkan and a MACD Cross, with deeper shelves at $2,339.51 (69/100, BB Middle, SMA 20, Fibo 0.214 and an LVN) and $1,910.79 (65/100). Spot trades at $2,476.58, up 1.43% over 24 hours, with RSI at 69.62 and a bullish MACD inside an uptrend. Derivatives positioning is constructive but crowded: funding at 0.0045%, open interest of $9.86 billion and a long/short account ratio of 1.28 (56.2% long), alongside a Fear & Greed reading of 69 (Greed). A daily close above $2,497.50 extends the move; losing $2,461.12 would expose the $2,339.51 shelf and weaken the bullish setup.