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 Ethereum (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 Ethereum (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, Ethereum (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

The latest acquisition was valued at roughly $75.2 million at Monday's price of $2,727, and the company did not disclose an average purchase price for the tranche. Market reaction was positive: BMNR shares rose 5.8% pre-market on Monday, extending an 8% rally on Friday as ETH pushed to its highest level since late January. Lee's published commentary also included a direct quote framing the quarter-to-date outperformance as a setup for further gains, describing the 6,519-basis-point spread as "a prelude to a potentially stronger up move in the fourth quarter of 2026." He added that the company's staked position now exceeds that of any other entity worldwide, and that staking through the MAVAN network and partner validators could ultimately lift annual rewards to the $421 million figure cited above. Peers SharpLink and The Ether Machine hold approximately 888,938 ETH and 496,712 ETH, respectively, per Strategic ETH Reserve data.

The update lands amid a broader renewal of treasury buying across the sector: Michael Saylor's Strategy recently pushed its Bitcoin pile back toward its June record with a $76 million purchase, and Bitcoin itself climbed above $85,000 over the weekend as more than $648 million in short positions were liquidated. Against that backdrop, Bitmine's Ethereum stack is valued at roughly $16.1 billion, with its so-called "moonshot" equity stakes disclosed at $180 million in Beast Industries and $105 million in Eightco Holdings. The company retains its standing as the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy, as renewed corporate accumulation gathers pace with prices on the rise.

Additional color from the company's September 21 release fills out the institutional-allocation thesis: Tom Lee argued that because AI-linked equities dominated performance in the first half of 2026, institutional exposure to crypto remains low, and he expects major allocations to be added over the three months through year-end. The disclosure also pegged annualized staking income at approximately $357 million — roughly ¥56 billion at an exchange rate of ¥157 per dollar — with the roughly 5.1 million staked ETH deployed through both Bitmine's in-house MAVAN infrastructure and external staking partners. The release reiterated that the weekly buying program has run without interruption since the treasury strategy's June 30, 2025 launch.

On-chain tracking adds a fresher datapoint beyond Monday's official tally: BitMine on Tuesday purchased and withdrew another 12,500 ETH — worth roughly $34.6 million — from the Kraken exchange, continuing its direct exchange withdrawal pattern. The move follows a similar three-weeks-earlier withdrawal of 20,000 ETH valued at $48.9 million, meaning the company has pulled about $83.5 million in ETH off Kraken across the two transactions alone. If those fresh tokens settle into the treasury, Bitmine's stack would climb past the 5.99 million mark, tightening the remaining gap to the 6 million threshold to well under 5,000 tokens.

(as of 20:33 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine places the nearest resistance at $2,820.16, a strong 74/100 Fibo 0.000/Donchian Upper/ATR Upper reading, with moderate levels at $2,889.08 (38/100, R1), $3,143.74 (48/100, Fibo 1.272), $3,305.55 (43/100, Fibo 1.414) and $3,607.86 (40/100, Fibo 1.618) layered above — spot trades at $2,753.64 after a 1.51% daily decline, holding just below the $2,820.16 supply zone. First support at $2,683.56 scores 70/100 (STRONG: Flip R→S, Fibo 0.114, ATR Lower), with $2,434.13 at 63/100 (Fibo 0.382/SMA 50/Donchian Lower/Swing Low), $2,543.42 at 62/100 (HVN/S3/EMA 20/Fibo 0.214), $2,159.67 at 55/100 (VWAP/LVN/Ichimoku Senkou A/EMA 100) and $2,080.66 at 47/100 (Fibo 0.618/LVN/EMA 200/SMA 200) layered below. RSI at 69.73 and a bullish MACD confirm the uptrend; funding at 0.0024%, $11.93B open interest and a 1.36 long/short ratio (57.6% long) signal a modest long tilt, while Fear & Greed at 78 (Extreme Greed) flags crowding. A daily close below $2,683.56 would invalidate the bullish setup.