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 Ethereum (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 (ETH) 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

Bitmine chairman Tom Lee added his own voice to the bull case at Korea Blockchain Week 2026, declaring in a keynote that "the biggest crypto bull market has already begun" and that the move is no headfake. Citing Fundstrat's 200-day moving average rule — nine of nine Bitcoin crossings of that line over the past twelve years marked bull-market starts, with 80% odds of gains over the following six months — he pegged the probability above 90%. He also maintained his $150,000 Bitcoin target and, per a separate technical view he cited, expects Ethereum (ETH) to tag $3,000 within weeks. Asked about strategy after the 5% threshold, Lee deferred, saying the post-goal plan would be revealed another day. Separately, he answered CZ's cryptic green-filtered "Soon…" post on X with the question "Do you own enough crypto?"

(as of 10:57 UTC) Read together, the fresh composite reads point to an Ethereum market still in an uptrend, but one whose upside targets are only moderately fortified. COINOTAG's 42-indicator scoring engine puts ETH at $2,695.84, down 0.61% in 24 hours, with the nearest resistance at $3,159.67 (44/100, sourced from Fibo 1.272) and a nearer cap at $2,728.19 (41/100, R1), followed by $3,343.61 (40/100, Fibo 1.414). Downside support is far more convincing, sitting first at $2,659.67 (89/100, Fibo 0.114, Flip R→S, Bullish Engulfing, LVN), then $2,540.85 (59/100, HVN, Fibo 0.214, S3) and $2,314.75 (56/100). Derivatives lean constructive: funding at 0.0066%, open interest of $11.42B and a long/short account ratio of 1.52 (60.3% long). The RSI at 63.22 leaves room before overbought, though the MACD signal has turned bearish and the Fear & Greed Index reads 71 (Greed). COINOTAG's reading: with resistance bands scoring only in the 40s, a sustained close above $3,159.67 is the confirmation trigger; losing the well-supported $2,659.67 shelf would put $2,540.85 in play.