BitMine Adds 32,447 ETH as Ethereum Gains 30% Weekly to $2,514
BitMine Immersion Technologies has added another 32,447 ETH to its balance sheet, extending a 14-month accumulation campaign just as Ethereum's sharp August rally pushes the value and earning potential of the company's treasury substantially higher.
Summary:
- BitMine acquired another 32,447 ETH during the past week.
- Its Ethereum treasury has reached 5.85 million ETH.
- More than 5 million ETH is already deployed in staking.
- ETH has gained 30% over the past week, strengthening the value of BitMine’s holdings.
BitMine’s ETH Position Reaches 5.85 Million Tokens
As of August 23, BitMine held 5,847,611 ETH, equivalent to roughly 4.8% of Ethereum’s 120.7 million token supply. The company has now reached about 97% of its stated goal of controlling 5% of ETH supply, which it calls the “Alchemy of 5%.”
The latest 32,447 ETH purchase is relatively modest compared with the size of the existing treasury, increasing BitMine’s holdings by roughly 0.56%. Yet the more significant point is consistency: Chairman Tom Lee said the company has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025.
BitMine’s broader portfolio has also become considerably more valuable as ETH prices recovered. The company reported $14.9 billion in crypto, cash, marketable securities and strategic investments, including 210 BTC, $308 million in cash and marketable securities, a $180 million stake in Beast Industries and an $89 million Eightco position.
For comparison, BitMine reported 5.80 million ETH and total holdings of $11.3 billion on August 2. Much of the subsequent increase in portfolio value therefore reflects Ethereum’s price appreciation rather than additional token accumulation alone.
Ethereum’s 30% Weekly Rally Changes the Treasury Economics
Timing matters because ETH itself has recorded its strongest weekly performance in more than a year.
BitMine said Ethereum gained approximately 30% during the past week, its largest weekly increase since May 2025. Lee pointed to two previous occasions when ETH recorded weekly gains above 30%, after which the cryptocurrency subsequently advanced another 167% and 170%.
Those historical comparisons are observations rather than forecasts. Two previous episodes are too small a sample to establish that
Ethereum will repeat the same trajectory, particularly when liquidity, positioning and macroeconomic conditions differ between market cycles.
The current price structure nevertheless remains strong.
At the time of writing ETH is trading around $2,514 on August 24 after reaching an intraday high near $2,519. Price remains comfortably above the 20-period moving average at $2,440, while the 50-, 100- and 200-period averages sit much lower at approximately $2,197, $2,045 and $1,968.
Momentum is elevated. The four-hour RSI stands at 72.30, putting ETH slightly above the conventional overbought threshold after its rapid advance.
The immediate technical area to watch is roughly $2,520-$2,550, where the recent rally has encountered resistance. Holding above the rising 20-period average near $2,440 would preserve the short-term structure, while losing that level would increase the probability of a deeper consolidation after the 30% weekly move.
Staking Is Becoming as Important as Accumulation
BitMine’s strategy increasingly differs from simply holding ETH and waiting for its market price to appreciate.
Of its 5.85 million ETH treasury, 5,067,309 ETH is currently staked, representing approximately 87% of total holdings. At the $2,440 reference price used by BitMine, the staked position was worth roughly $12.4 billion.
The company reported a seven-day annualized staking yield of 2.67% and projects approximately $330 million in annualized staking revenue at its current deployment level.
READ MORE: Ethereum Eyes Bitcoin’s Utreexo as Scaling Strategy Evolves
If the entire ETH treasury were eventually staked through MAVAN and other staking partners, BitMine estimates annual rewards could reach approximately $381 million at the same yield.
That figure should not be treated as guaranteed income. Ethereum staking yields fluctuate with network participation and activity, while validator operations carry operational and protocol risks. BitMine itself identifies potential slashing events, network failures and changes to Ethereum’s staking mechanics among the risks to those projections.
Still, staking changes the economics of a corporate Ethereum treasury in a way that does not exist for Bitcoin treasury companies. ETH can simultaneously function as a balance-sheet asset and produce native network rewards without being sold.
Why the Final 0.2% Could Be More Difficult
BitMine’s reported 4.8% ownership of ETH supply makes the remaining distance to its 5% objective look small, but the numbers are still substantial.
Using the company’s stated Ethereum supply of 120.7 million ETH, a 5% position would equal approximately 6.035 million ETH.
Against current holdings of 5,847,611 ETH, BitMine would therefore need roughly 187,000 additional ETH to reach that threshold, assuming the relevant supply figure remained unchanged.
At $2,440 per ETH, acquiring that amount would represent approximately $457 million of additional Ethereum.
The requirement is also almost six times larger than the 32,447 ETH BitMine purchased during the latest week.
As the treasury approaches its target, execution therefore becomes increasingly relevant. Large purchases need sufficient market liquidity and financing while management must consider the price paid for additional ETH relative to the cost of raising the capital used to acquire it.
BitMine’s Next Milestone Moves Beyond ETH Ownership
Reaching 5% would complete the headline accumulation target, but BitMine is simultaneously building infrastructure around the treasury.
Its MAVAN validator network was initially developed to stake BitMine’s own ETH and is intended eventually to serve institutional investors, custodians and other ecosystem participants. More than 5 million ETH has already been deployed into staking, making changes in staking participation and realized yield increasingly important to the company’s operating results.
The next company updates will therefore provide two separate measures of progress: whether BitMine closes the roughly 187,000 ETH gap to its 5% target, and whether MAVAN can turn an unusually concentrated Ethereum balance sheet into a larger recurring staking business.
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
