Bitmine's Ethereum (ETH) Treasury Hits 6M ETH, 103,698 Short of 5% Supply Goal

Bitmine Crosses the 6 Million ETH Line

Bitmine Immersion Technologies' Ethereum treasury crossed the six-million mark over the weekend, moving the company to within roughly 100,000 ETH of its stated goal of controlling 5% of total supply. The company's investor-relations disclosure on September 28 confirmed holdings of 6,001,302 ETH, leaving 103,698 ETH to acquire before the 5% threshold is reached. At the September 27 reference price of $2,698 per ETH, funding the remainder would cost approximately $279.8 million — about 42% of the $672 million in cash and marketable securities the company reported. The buying pace has cooled: Bitmine added 17,362 ETH in the latest week, a roughly 37% decline from the 27,562 ETH accumulated the week before. That deceleration mirrors July, when the firm capped weekly purchases at 7,430 ETH in the same week it executed an $85.9 million share repurchase — evidence that the ETH accumulation program and its token buybacks compete for the same balance-sheet capacity. Most of the position is already productive: 5,067,309 ETH, about 84% of holdings, is staked — locking tokens to help secure the network in exchange for rewards, a model cemented by the Ethereum 2.0 upgrade — and the company projects roughly $358 million in annual staking income from that stake.

Hayes Backs ETH for the Next Cycle

BitMEX co-founder Arthur Hayes said during an on-stage interview at Korea Blockchain Week 2026 in Seoul on September 30 that he expects Bitcoin strength to persist even if US interest rates rise, and named Ethereum (ETH), Ethena's ENA and Uniswap's UNI as the altcoin picks for the next bull market. His reasoning: because the US economy is structurally over-indebted, higher rates mean banks earn more interest on excess reserves and Treasury-bill holders collect larger income — hundreds of billions of dollars in additional cash flow for banks and wealthy individuals, which he expects to be recycled into financial assets, supporting Bitcoin and Ethereum alike. On ETH specifically, Hayes acknowledged weak historical chart performance but argued the current setup points to further upside. He tied the thesis to a bolder forecast: his $1 million Bitcoin target for late 2030 is aspirational and contingent on what he calls the largest capital misallocation since 19th-century railroad construction — the AI datacenter buildout — eventually forcing a government rescue larger than 2008's, which would inflate digital-asset prices. He also outlined FLOP, a currency concept for AI agents that he argues cannot safely rely on dollar-pegged stablecoins, and described his family office Maelstrom's four-pronged approach: early-stage token bets, advisory work, liquid long positions and full-company buyouts. Beyond ETH, he said Ethena's USDe supply should expand as basis-trade yields rise, and that Uniswap could become the execution layer for tokenized real-world assets, following Robinhood's chain. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

After 5%: More ETH, Buybacks or Yield

Read together, the two threads describe an Ethereum market entering a capital-allocation phase. The September 28 investor disclosure — the primary record anchoring this story — shows a disciplined buyer 103,698 ETH from its supply target, with 84% of the stack already earning yield on the proof-of-stake network and a genuine choice ahead over whether fresh cash funds more ETH, buybacks or expanded staking income. Hayes's KBW remarks add a demand-side argument for the same asset. COINOTAG's reading: Tom Lee's September 30 keynote in Seoul is the near-term catalyst to watch for the next allocation decision.