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

The company put the gap to its target in narrower terms in the same update: progress toward the 5% threshold now stands at 99%, up from the 98% share cited after the late-September crossing. Tom Lee also framed the accumulation against the stock's own performance, pointing out that while ETH fell 10% over the first nine months of 2026, Bitmine shares dropped only 3% over the same stretch. He repeated the third-quarter claim that Ether beat the S&P 500 by 68.32 points despite a hawkish Federal Reserve, surging oil prices and rising global bond yields, a comparison he has used to argue the treasury strategy is outperforming the asset it holds.

The Oct. 5 disclosure also put a dollar figure on the week's accumulation: the 15,112 ETH bought cost roughly $41 million at recent prices, by the company's own math, in a streak that has run 15 months without a pause since the strategy began June 30, 2025. Lee, speaking in the same update, said crypto appears to be entering a bull market cycle and pointed again to Bitmine's 3% nine-month share decline against ETH's 10% drop. The concentration question has drawn attention as well, with observers noting that a single company closing in on 5% of supply tightens market float even as it pools it on one balance sheet. For scale, Tokyo Growth-listed TORICO, which brands itself as Japan's leading Ethereum manager, held about 2,975 ETH as of September.

The composite S/R scoring frames a sideways setup with spot at $2,520.89: the strongest support sits at $2,318.15, scored 76/100 on the EMA 100, EMA 200, Fibonacci 0.382 and high-volume node confluence, backed by $2,423.21 at 64/100 from the round number, ATR 2x, 5-hour swing and 50-week MA confluence. Nearest resistance is $2,701.50 at 82/100 on the BB middle, R1, Fibonacci 0.114 and low-volume node confluence, with $2,633.99 at 71/100 from the pivot point, swing low, monthly pivot and Gann confluence below it. RSI reads 42.02 with the MACD signal bearish inside a sideways trend, so momentum leans weak rather than corrective. Positioning still skews long: perp funding is slightly positive at 0.0010%, open interest stands near $11.02 billion, the long/short account ratio is 2.44 (70.9% long against 29.1% short) and Fear & Greed is at 64, in Greed. A daily close below the $2,476.97 shelf, scored 63/100 on the Supertrend, Keltner lower, PMO and 8-hour swing confluence, opens the $2,423.21 line; a reclaim of $2,633.99 keeps a run at $2,701.50 in play. Ethereum technical analysis traders have clear levels to work from on both sides (as of 13:52 UTC).