Bitmine's Ethereum (ETH) Treasury Hits 6.02M Tokens Near 5% Supply Goal

Bitmine Crosses 6 Million ETH

Bitmine Immersion Technologies has lifted its Ethereum treasury to 6,016,414 Ethereum (ETH) after buying another 15,112 tokens over the past week, per the company's Oct. 5 holdings update, and now sits just short of its stated goal of owning 5% of Ethereum's supply. The update values the position at roughly $16.4 billion using a reference price of $2,726 per token and puts the stash at 4.9% of the network's 122.1 million token supply, about 89,000 tokens short of the threshold. The Ethereum (ETH) price changes hands near $2,704 at press time, up 0.2% over 24 hours, so the company's $2,726 mark runs modestly above the live market.

Chairman Tom Lee said the buying streak has not missed a week since the strategy launched. “Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said in the update. The latest purchase followed a 17,362 ETH acquisition in late September that carried the treasury past the 6 million token line; at that point the company held 6,001,302 Ethereum (ETH) and stood 98% of the way to its 5% target. The company pairs that accumulation record with a scale claim: Bitmine describes itself as the world's largest ETH treasury and the second-largest corporate crypto treasury overall, behind Strategy. The ranking is the company's own framing, and the update does not enumerate the peer set behind it. Reaching the 5% goal would place roughly one in every twenty tokens on a single corporate balance sheet.

Most of the treasury is already earning. Bitmine has committed 5,067,309 ETH, worth about $13.8 billion, to staking through its MAVAN platform and external staking partners, 84% of the 6.02 million token total. The operation returned a seven-day annualized yield of 2.63% in the latest disclosure, which the company projects into $363 million of annual staking revenue at the current mix, rising to $431 million if the entire balance were staked. MAVAN, short for Made in America Validator Network, launched earlier in 2026 and has since been opened to institutional investors, custodians and other ecosystem participants. Ethereum's proof-of-stake design pays rewards to participants who lock tokens and run or back validators, the mechanism Bitmine is leaning on at scale.

The staking line is already material: staking and validation produced $45.7 million in the three months ended May 31, 98% of the company's $46.5 million in quarterly revenue, when roughly 4.9 million Ethereum (ETH) was committed, against more than 5.06 million today. As of Oct. 4, Bitmine also held 214 Bitcoin, $643 million in cash and marketable securities, a $180 million Beast Industries stake and a $117 million Eightco position, which it calls moonshots, for $17.4 billion across crypto, cash and investments. It has also repurchased its own stock: Lee said the company acquired 21 million BMNR shares during the first nine months of 2026, which he described as the largest crypto treasury equity buyback to date. Company-disclosed trading data put BMNR average daily dollar volume at $827 million over the five sessions through Oct. 2, 125th among 5,704 US-listed stocks. Lee also argued for Ether's relative strength: ETH outperformed the S&P 500 by 6,832 basis points in the third quarter, he said, despite higher oil prices, rising bond yields and what he called a hawkish Federal Reserve. His October chairman's message, titled “Crypto bull underway, this cycle likely the largest,” is due this week, alongside a Token2049 keynote in Singapore on Oct. 7.

$2,805 Resistance in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the setup: with spot at $2,704, our engine rates the $2,805.47 resistance at 81/100 on the R3 pivot, Donchian Upper and Keltner Upper confluence, while the $2,664.09 support scores 78/100 from the S2 level, Bollinger middle band and SMA 20. RSI reads 60.33 with the MACD signal bearish inside an uptrend. Positioning is measured: funding at 0.0009%, open interest near $11.77 billion, a long/short account ratio of 1.40 and Fear & Greed at 70, in Greed. A hold of $2,664 keeps a retest of $2,805 in play; a daily close below it opens $2,583, scored 69/100 on Fibonacci 0.214 and the Ichimoku Kijun. Bitmine's stake stands, by the company's own count, as the largest Ethereum technical analysis case in corporate crypto.