Bitmine's Ethereum (ETH) Treasury Crosses 6 Million Tokens

Bitmine Crosses 6 Million ETH

Bitmine Immersion Technologies has pushed its Ethereum (ETH) treasury past the 6 million token mark, holding 6,001,302 ETH as of Sept. 27 at 3:00 p.m. ET, per the company's announcement. At the $2,698 per-token reference price Bitmine sourced from Coinbase, the position is worth roughly $16.2 billion and equals about 4.9% of the estimated 122.1 million ETH in circulation. The gain reflects a weekly purchase of 17,362 ETH, worth just under $47 million at the snapshot price. Chairman Tom Lee has framed the accumulation around the company's "Alchemy of 5%" — a goal of controlling 5% of total supply, an unusually concentrated bet even by the standards of a corporate Ethereum treasury strategy. Bitmine says it is 98% of the way there after 15 months, and that it is the largest Ethereum treasury among public companies and the second-largest corporate crypto treasury of any kind, behind the Bitcoin holder Strategy.

84% of the Stack Is Staked

The position is not sitting idle. Bitmine has staked 5,067,309 ETH — roughly 84% of its holdings, valued near $13.7 billion at the reference price — mostly through MAVAN, the Made in America Validator Network the company launched earlier in 2026 for its own balance sheet and has since opened to institutional investors, custodians and ecosystem partners. At the current seven-day annualized yield of 2.62%, management projects about $358 million a year in staking rewards, rising to roughly $424 million if the entire stack were staked through MAVAN and its partners. Both figures are company projections tied to the stated yield, not guaranteed revenue; Bitmine's filings flag validator performance and protocol changes as risks. Lee claims no other entity stakes more ETH, giving the company an outsized footprint in Ethereum's proof-of-stake validator economy.

69 Straight Weeks of Buying

The purchase extends a disciplined cadence: Bitmine has bought ETH every week since the treasury strategy began on June 30, 2025 — 69 consecutive weeks, a record Lee calls unmatched by any public company. An SEC filing shows the balance stood at 5,983,940 ETH one week earlier, after a 27,562 ETH addition, having climbed from 5,929,198 tokens on Sept. 7 through 5,956,378 on Sept. 13. The pace has varied: a late-August purchase of 53,501 ETH dwarfed this week's 17,362, yet the weekly buys have continued regardless of tranche size. Based on Bitmine's own supply estimate, the 5% goal equates to roughly 6.105 million ETH, leaving the company about 103,698 tokens short of the threshold as of the Sept. 27 snapshot — a gap that, at the current run-rate, would close within weeks if circulating supply holds steady.

Inside the $17.2 Billion Portfolio

Beyond the ETH core, Bitmine values its combined crypto, cash, securities and equity stakes at $17.2 billion, up from $17.1 billion in the Sept. 21 update. The portfolio includes 213 BTC in a small Bitcoin treasury sleeve, $672 million in cash and marketable securities, a $180 million stake in Beast Industries and a $115 million position in Eightco Holdings, which Bitmine classes as a "moonshot" offering listed investors indirect exposure to OpenAI. Cash declined from $714 million a week earlier. Market pricing has drifted below the company's reference point: Ethereum traded near $2,679 at the latest reading around the disclosure, down roughly 1.3% in 24 hours and 1.8% on the week. Lee argues institutions remain underweight crypto and will add exposure in the final months of 2026, citing ETH's outperformance of the S&P 500 by 6,728 basis points this quarter; he delivers a keynote at Korea Blockchain Week in Seoul on Sept. 30. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

$2,767 Resistance in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,767 overhead resistance at 82/100, driven by the confluence of Donchian Upper, Swing High and the Fibo 0.000 pivot — the level bulls must clear. First support sits at $2,639 (58/100, from Swing Low, ATR Lower and SMA 20), with the stronger $2,560 shelf (61/100, from HVN and Fibo 0.214) behind it. Spot trades at $2,686, down 0.78% in 24 hours, with RSI at 62.39 and a bearish MACD inside an uptrend. Derivatives positioning is mildly long-biased: funding at 0.0041%, open interest of $11.19 billion and a 1.46 long/short account ratio, while the Fear & Greed Index reads 74 (Greed). Our Ethereum price coverage notes ETH has stalled below $2,700 after repeated rejection from higher zones, even as one whale moved 128,972 ETH to exchanges after a three-year hold. A close below $2,560 would invalidate the bullish structure; holding it keeps a retest of $2,767 in play.