Bitmine Nears 5% Ethereum (ETH) Supply Goal With 5.93M Coin Holdings

Bitmine Lifts ETH Stash to 5.93M

Bitmine Immersion Technologies (BMNR) added 28,086 ETH to its corporate balance sheet last week, lifting total holdings to 5,929,198 ETH — about 4.9% of Ethereum's total supply and roughly 171,000 coins short of the 5% target chairman Tom Lee has set for the company. The purchase was disclosed in an announcement filed with the SEC on September 8, which states the Ethereum treasury was worth approximately $14.79 billion as of 2:00 p.m. ET on September 7, priced at Coinbase's $2,495 per-ETH reference rate. Bitmine calls the accumulation plan the “Alchemy of 5%”: against an estimated circulating supply of about 122.02 million ETH, holding a full 5% would require roughly 6.1 million coins. The company has bought ETH every single week since launching its treasury strategy on June 30, 2025 — the week before this filing, it purchased 53,501 ETH — leaving only about 3% of the goal outstanding. Concentration cuts both ways, however: with the balance sheet almost entirely in ETH, any sharp price swing flows straight through Bitmine's net asset value and the BMNR share price. Third-party analytics had estimated the position's unrealized losses at around $5.1 billion during the recent ETH pullback, though that figure does not reflect the company's official accounting cost basis in its SEC disclosures.

Staking Turns the Hoard Into a Yield Engine

The treasury is not sitting idle. As of September 7, 5,067,309 ETH — roughly 85% of the entire stockpile, worth about $12.6 billion — was deployed in staking, generating a 7-day annualized yield of 2.61% that projects to about $330 million per year at current size. Bitmine estimates returns could climb to roughly $386 million annually as more coins route through MAVAN, its Made in America Validator Network, built after the March 2026 acquisition of Australian infrastructure firm Pier Two and slated to open to institutions and custodians. The economics rest on proof-of-stake, the consensus model behind the Ethereum 2.0 upgrade: instead of idle holdings, the stack earns native protocol yield via validators. Per its Form 10-Q for the quarter ended May 31, 2026, staking and validation revenue hit $45.74 million — 98% of the quarter's $46.54 million total revenue, with legacy bitcoin self-mining down to just $624,000. Beyond ETH, the company holds 211 BTC, roughly $180 million in Beast Industries equity, about $91 million in Eightco Holdings shares, and $593 million in cash and securities, for around $15.7 billion in total assets. Tom Lee argues Ethereum becomes settlement infrastructure for stablecoins and tokenized assets — a thesis regulators are now testing directly in their review of ARK's tokenized share class, and one behind his reported $6,000 December target for the asset. Readers tracking the market in real time can follow live spot and futures prices on Gate.

$2,515 Resistance in Focus

Spot ETH trades near $2,465.89, down 0.50% over 24 hours, and COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,515.55 resistance at 75/100 — a STRONG ceiling built on the confluence of Fib 0.000, Donchian Upper, R1 and a high-volume node. First support sits at $2,366.59, scored 62/100 from Donchian Lower, Swing Low and Fib 0.214. RSI at 60.78 with a bearish MACD inside an uptrend signals consolidation, while funding of 0.0009%, $9.82 billion open interest and a 1.38 long/short ratio show mildly leveraged long positioning; Fear & Greed at 66 (Greed) favors caution. A daily close above $2,515.55 opens the range; losing $2,366.59 invalidates the bullish read.