Bitmine's Ethereum (ETH) Holdings Hit 5.98M After 68th Straight Weekly Buy

Bitmine Adds 27,562 ETH in 68th Straight Weekly Buy

Bitmine Immersion Technologies (NYSE: BMNR) purchased an additional 27,562 ETH last week, lifting its Ethereum treasury to 5,983,940 tokens, according to the company's official business update issued Monday, September 21. It is the 68th consecutive weekly purchase since the NYSE-listed firm launched its accumulation strategy on June 30, 2025 — a buying cadence Bitmine bills as the most consistent among public companies accumulating digital assets. As of September 20, total assets across crypto, cash and marketable securities stood at $17.1 billion, with the ETH stack valued at Coinbase's $2,688 per-token quote. That position equals roughly 4.9% of Ethereum's 122.1 million supply, putting the company 98% of the way to its stated “Alchemy of 5%” target just 15 months in. The balance sheet also carries 212 BTC, $714 million in cash and securities, and large equity positions in Beast Industries and Eightco Holdings. Beyond passive holding, Bitmine has staked 5,067,309 ETH — about 85% of its stack, worth roughly $13.6 billion — generating an estimated $357 million in annualized staking yield; staking the remainder at the current 2.62% seven-day rate would lift that to $421 million. Its MAVAN validator network, built for its own treasury, is now open to institutional clients, custodians and ecosystem partners under Ethereum's post-2.0 proof-of-stake architecture.

The Road to 5% of Supply

The latest disclosure marks a steady march toward the six-million mark: the prior week's official figure stood at 5,956,378 ETH, meaning the gap to 6 million is now under 17,000 tokens at the current weekly pace. With about 122 million ETH in circulation, the 5% threshold sits near 6.1 million tokens — roughly 120,000 ETH away, a target Bitmine's investor-relations materials frame as strategic positioning for growth in tokenization, stablecoins and blockchain-based financial infrastructure. The company now claims the second-largest crypto treasury globally, behind only Strategy Inc's roughly 845,000 BTC, with backing from ARK's Cathie Wood, Founders Fund, Pantera and DCG. Chairman Tom Lee, the Wall Street strategist, argued the crypto bull market effectively began in late June, driven by capital rotating from AI into crypto, strengthening tokenization fundamentals and the end of the four-year cycle. In his reading, ETH has been the best-performing macro asset of the third quarter of 2026, outpacing the S&P 500 by roughly 6,519 basis points, and institutions that underweighted crypto while chasing AI stocks could drive a pronounced Q4 allocation wave across the broader Ethereum market. Lee is scheduled to elaborate at Korea Blockchain Week in Seoul on September 30. Still, accumulation alone does not set price: liquidity, ETF flows and overall risk appetite remain the decisive variables. Readers tracking the market in real time can follow live spot and futures prices on Gate.

$2,745 Resistance in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,745 resistance at 90/100, a STRONG confluence of Fibo 0.000, Donchian Upper and RSI-overbought readings, with spot at $2,739 after a 5.25% daily gain — an earlier rejection at $2,700 supply shows how contested this zone is. First support at $2,639 scores 76/100 (S1, R→S flip, ATR Lower). RSI at 70.67 and a bullish MACD confirm the uptrend; funding at 0.0062%, $12.2B open interest and a 1.28 long/short ratio signal a mild long tilt, while Fear & Greed at 70 (Greed) flags crowding. A daily close below $2,639 invalidates the bullish setup.