BitMine Adds 28,086 ETH as Ethereum Holds Above $2,460
BitMine Immersion Technologies has moved within a fraction of its goal of owning 5% of Ethereum's supply after adding 28,086 ETH over the past week.
Summary:
- BitMine added 28,086 ETH over the latest week and now controls 4.9% of Ethereum’s supply.
- About 85% of its ETH treasury is staked, turning a large part of the balance into a yield-producing position.
- ETH remains above its 50-, 100- and 200-period averages on the four-hour chart, but below the 20-period SMA.
- A break above $2,500 would improve the short-term setup, while $2,460 is the first important support cluster.
According to the SEC-Filing, the company held 5,929,198 ETH as of September 7, equivalent to 4.9% of the reported 122 million token supply. The accumulation comes while ETH is consolidating around $2,478, leaving BitMine’s buying program close to its target without requiring Ethereum to break higher first.
BitMine Is Almost at Its 5% Target
The latest purchase takes BitMine to 5.93 million ETH, worth approximately $14.8 billion using the company’s September 7 reference price of $2,495.
Chairman Tom Lee said BitMine has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025. At the current balance, the company says it has completed roughly 97% of its “Alchemy of 5%” objective in about 15 months.
The remaining distance is now relatively small.
Five percent of the 122 million ETH supply cited by BitMine equals approximately 6.1 million tokens. That leaves the company roughly 171,000 ETH short of the threshold based on the current supply figure.
At the latest weekly acquisition rate of 28,086 ETH, closing that gap would take a little over six weeks if both the purchase pace and Ethereum supply were unchanged. That is an illustration rather than a forecast, since BitMine can alter its buying rate and ETH supply itself changes over time.
The scale also makes future purchases more relevant to BitMine’s own balance sheet than earlier in the strategy. Each additional 1% move in ETH now changes the gross market value of its 5.93 million-token position by roughly $147 million at the company’s $2,495 reference price.
Most of the ETH Is No Longer Sitting Idle
BitMine is increasingly pairing accumulation with staking.
As of September 7, 5,067,309 ETH was staked, representing roughly 85% of its total Ethereum holdings. At $2,495 per token, BitMine valued that staked position at $12.6 billion.
The company currently projects approximately $330 million in annualized staking revenue, based on a 2.61% seven-day annualized yield. If its full ETH balance were eventually staked through MAVAN and other staking partners, BitMine estimates annual rewards could reach about $386 million at the same yield.
Those figures are projections rather than guaranteed revenue. Ethereum staking yields fluctuate, and operational costs also affect the economics.
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Still, staking changes the treasury model. BitMine is not relying exclusively on ETH appreciation to generate a return from its holdings. A large portion is producing protocol rewards while remaining exposed to Ethereum’s price.
The company also reported $593 million in cash and marketable securities, 211 BTC and investments including $180 million in Beast Industries and $91 million in Eightco. Combined crypto, cash, marketable securities and other investments were valued at $15.7 billion.
Ethereum Is Holding Above a Tight Support Cluster
BitMine’s latest purchase arrives while ETH is consolidating rather than extending last week’s rally.
At the time of writing Ethereum trades at $2,478.17 after ranging between $2,440.45 and $2,482.80 during the current candle.
The moving averages create a fairly clear short-term structure:
- 20-period SMA: $2,485.67, leaving ETH slightly below immediate trend resistance.
- 50-period SMA: $2,463.99, providing the first layer of support.
- 100-period SMA: $2,464.26, almost exactly aligned with the 50-period average.
- 200-period SMA: $2,227.53, keeping the broader four-hour structure well above its long-term trend line.
- RSI: 49.73, close to neutral and well below overbought territory.
The convergence of the 50- and 100-period averages around $2,464 is the level worth watching first.
ETH has repeatedly tested the $2,440-$2,460 area over recent sessions without establishing a sustained break beneath it. The latest candle briefly fell to $2,440.45 before recovering toward $2,478, showing buyers were willing to step in below the moving-average cluster.
$2,500 Is the Level Buyers Still Need to Reclaim
The upside is less settled.
Ethereum has repeatedly traded around $2,500 since September 6 but has struggled to maintain momentum above it. The chart also shows several attempts toward approximately $2,515-$2,535 being rejected.
A sustained move above $2,500 and the 20-period SMA at $2,485.67 would improve the short-term structure. Clearing the recent highs around $2,520-$2,535 would provide stronger confirmation that the consolidation is resolving upward.
The downside is easier to define. Losing the $2,460 moving-average cluster would expose the recent lows around $2,440. The much lower 200-period SMA near $2,228 shows that the medium-term trend can remain constructive even if the current consolidation deepens.
RSI offers little directional confirmation for now. At 49.73, momentum is almost perfectly balanced between buyers and sellers.
That makes BitMine’s activity particularly useful as a separate signal from price. The company continued accumulating while ETH moved sideways, rather than waiting for a breakout.
With BitMine now roughly 171,000 ETH away from its stated 5% objective, the next several treasury updates can answer a more concrete question: whether the company maintains its weekly buying cadence as the target approaches, or slows accumulation once one of the largest corporate crypto positions reaches its intended scale.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
