Bitmine's Ethereum (ETH) Holdings Near 5.96 Million After 27,180 ETH Buy

Bitmine Extends Weekly Buying Streak

Bitmine Immersion Technologies added another 27,180 Ethereum (ETH) to its balance sheet last week, lifting its ethereum treasury to 5,956,378 tokens — approximately 4.9% of Ethereum's circulating supply. The company's official announcement, released Monday, values the Ether reserve at roughly $15 billion as of Sunday evening, with total assets — crypto, cash, securities and strategic stakes — reaching $15.8 billion. The weekly buy was slightly smaller than the previous week's addition of 28,086 ETH, which had pushed the reserve to 5.93 million tokens. Chairman Tom Lee reiterated that Bitmine has purchased Ethereum every week since launching the treasury strategy on June 30, 2025, keeping it on track toward its self-styled “Alchemy of 5%” accumulation goal. The Ethereum accumulation sits alongside 212 Bitcoin, $549 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings valued at $180 million and $98 million respectively. BMNR trades on the NYSE, entered the Russell 1000 index on June 26, 2026, and gives Norway's sovereign wealth fund indirect Ethereum (ETH) exposure.

85% of the Reserve Now Staked

Staking is where the treasury starts earning. As of September 7, 5,067,309 ETH — roughly 85% of the reserve — was deployed with the network's validators, generating projected annualized revenue of $334 million at the current 2.62% seven-day yield. Management estimates revenue could reach $392 million if the entire reserve were staked through its MAVAN infrastructure and staking partners, though both projections depend on token prices and network yields. The staking intensity is notable even against fund benchmarks: Grayscale's Ethereum Staking ETF (ETHE), the first US spot Ether exchange-traded product, has 84.6% of its Ether staked according to the fund's own page. The model also carries a structural edge over Bitcoin treasury companies, whose core BTC holdings generate no native yield. Rival Ethereum (ETH) treasury firm SharpLink announced plans in August to stake $200 million through Lido, receiving liquid claim tokens reusable across decentralized-finance applications. Bitmine's BMNR stock was little changed Monday just below $25, up nearly 38% over the past month though still down year to date.

Lee and DeMark Call for More Upside

Bitmine's market strategists struck a constructive tone in the same disclosure. Chairman Tom Lee flagged that the ETH/BTC ratio has climbed to its highest level since January 30 and that Ethereum was the best-performing macro asset of the quarter, outpacing the S&P 500 by 5,866 basis points through last Friday — with ETH, SOL and BTC the top three assets since June 30. In his reading, that outperformance sets the stage for institutions to extend crypto allocations, a thesis our earlier coverage examined when Lee pitched Ethereum as a settlement layer for Wall Street and AI. Tom DeMark, founder of DeMark Analytics and the company's capital-markets adviser, expects a sharp upward move in coming weeks, arguing ETH moved sideways through August without a downside breakdown and that the strong late-August daily advance was a preview. The contrast with the largest Bitcoin treasury holder is stark: Strategy bought no BTC for a second straight week through September 13, redirecting capital into 1.42 million repurchased STRC preferred shares at a cost of $139.3 million, after a $176.3 million buyback the prior week. Its 845,050 BTC reserve is unchanged since late August, when the firm last bought 4,603 BTC for $369.7 million — its first purchase since June. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

$2,535 Breakout or $2,447 Break?

The updated disclosure also quantifies how close Bitmine sits to its target: the 5,956,378 ETH reserve equals about 98% of the “Alchemy of 5%” goal, measured against a reference circulating supply of roughly 122 million tokens, with ETH valued at $2,513 for treasury accounting purposes as of September 13. In a notable counterpoint to Bitmine's accumulation, mining firm Canaan Inc. (NASDAQ: CAN) disclosed Monday that it sold 3,952 ETH and 54 BTC it had earmarked for disposal in late August, generating approximately $13.9 million in cash at average prices near $2,400 for ETH and $79,000 for BTC. Canaan directed about $5.4 million of the proceeds into a buyback of 13.6 million ADS shares, while stressing that the sales do not alter its long-term strategic digital asset reserve policy.

Chairman Tom Lee added fresh macro catalysts to the accumulation case, pointing to a potential US crypto market-structure bill as one of the main year-end tailwinds, with Senate passage prospects improving after President Donald Trump agreed to ethics provisions and a vote expected before the chamber's midterm recess. Lee also noted that Korean investors are rotating capital back into crypto from AI-related equities, and said the four-year cycle should form a bottom within weeks. He expects institutional crypto buying to grow substantially in the final months of 2026, aided by tokenization and agentic AI, while reaffirming that Bitmine keeps buying weekly because it views tokenization expansion as a positive for Ethereum.

Beyond the accumulation figures, the disclosure shed light on Bitmine's equity-market engineering: the company launched a $4 billion share buyback program in early July that has helped drive BMNR from $13 to above $25, effectively doubling the stock. Chairman Tom Lee also confirmed he will deliver a keynote at Korea Blockchain Week in Seoul at the end of September — a notable return given that BMNR was previously one of the most heavily sought-after names among Korean retail investors, and Lee has argued that Korean capital is rotating back into crypto from AI-related equities. He added that the company reached 98% of its 5% supply target within just 15 months and expects to complete the goal this year.

(as of 20:03 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine pegs spot at $2,415.46, down 4.92% in 24 hours. On the downside, the $2,258.65 support is the strongest at 76/100 (SMA 50, Keltner Lower, Supertrend, HVN), with $1,981.90 at 68/100 (LVN, Value Area Low, SMA 100, Ichimoku Senkou B), $2,393.65 at 63/100 (S2, Donchian Lower, HVN, Flip R→S), $2,101.43 at 51/100 (Flip R→S, HVN, VWAP, Ichimoku Senkou A) and $1,758.95 adding a moderate 45/100 (Fibo 0.786). Above, resistance starts at $2,634.72, rated 72/100 on the confluence of Fibo 0.000, Donchian Upper, Swing High and Keltner Upper; a tight near-term cap sits at $2,529.41, rated 67/100 (Pivot Point, Fibo 0.114, BB Upper), with $2,419.04 at 65/100 (Fibo 0.214, MACD Cross, EMA 20, BB Middle) and further upside at $2,979.88 and $3,143.74 only moderate at 41/100 and 39/100. RSI sits at 51.86 within an uptrend, though the MACD signal has turned bearish. Derivatives skew long — funding at -0.0003%, open interest of $9.83 billion and a 1.98 long/short account ratio (66.5% long) — with Fear & Greed at 69 (Greed). A close above $2,419.04 opens the run toward $2,634.72; losing $2,258.65 would weaken the bullish structure and shift attention to $1,981.90.