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 Ethereum (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 Ethereum (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

Lee struck a confident tone on the milestone, calling the accumulation of more than 6 million ETH in under 15 months "a remarkable achievement" and saying the company already sees the synergy and positive network effects of holding nearly 5% of supply. He added that signals since late June point to an ongoing crypto bull market, and argued institutions remain underallocated and will likely raise their positions in the closing months of 2026. Bitmine shares (BMNR) have risen roughly 15% over the past month to $27.25, up about 49% over six months. The company's Bitcoin sleeve is valued near $17.8 million, per the announcement, while peer Strategy disclosed the same week that it holds a record 847,666 BTC alongside $6.02 billion in dollar assets.

Onchain data from Lookonchain attributes the latest addition to a deliberate dip-buying pattern: the purchase landed after Ethereum slipped back below its recent high near $2,700, letting the treasury add to its reserve at a cheaper price. The firm's monitoring data pegged the tranche at $46.82 million, and the transfer was read as part of BitMine's long-term accumulation strategy rather than a short-term trade. The milestone arrived amid a brief market slowdown that appears to have unsettled small holders and retail traders, while Lee's continued buying has been taken as a signal of confidence in Ethereum's short-term potential. The holding, worth about $16 billion at spot, keeps BitMine positioned as Ethereum's largest corporate holder.

(as of 10:02 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,728.19 overhead resistance at 89/100, driven by the confluence of R1, MACD Cross, ATR Upper and Keltner Upper — the level bulls must clear. Secondary resistance at $3,159.67 (44/100, Fibo 1.272) sits well above spot, with the $3,343.61 (40/100, Fibo 1.414) and $3,607.86 (40/100, Fibo 1.618) extensions further out. First support lies at $2,652.20 (64/100, from Swing Low, BB Middle, SMA 20 and S2), with the stronger $2,556.73 shelf (66/100, from Flip R→S, Fibo 0.214, HVN and S3) behind it and the $2,319.50 floor (60/100, from HVN, EMA 100, Flip R→S and Fibo 0.382) further below. Spot trades at $2,717.52, up 2.92% in 24 hours, with RSI at 64.23 and a bearish MACD inside an uptrend. Derivatives positioning is modestly long-biased: funding at 0.0065%, open interest of $11.7 billion and a 1.24 long/short account ratio (55.3% long), while the Fear & Greed Index reads 73 (Greed). Holding above $2,652.20 keeps a push through the $2,728.19 band in play; a close below it would shift focus to the $2,556.73 shelf, while clearing $2,728.19 opens the path toward $3,159.67 (44/100).