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BitMine Reaches 5.90 Million ETH After Its Biggest Weekly Buy Since June

By Isaac • August 31, 2026 7:08 pm • Comments

BitMine Immersion Technologies has pushed its Ethereum treasury to a level that is becoming difficult to describe as anything other than market-moving.

The company said it acquired another 53,501 ETH over the past week, its largest weekly purchase since June. That brought its holdings to 5,901,112 ETH as of Sunday afternoon, or roughly 4.9% of Ethereum’s reported 120.7 million-token supply.

BitMine valued that ETH at about $14.8 billion using a $2,511 reference price. The company also reported 211 Bitcoin, $541 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.

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BitMine’s stated “Alchemy of 5%” strategy aims to own 5% of the ETH supply. On the company’s own supply estimate, the latest balance leaves it only about 134,000 ETH short of that threshold.

The pace matters as much as the total. BitMine says it has purchased ETH in each of the 65 weeks since it began the treasury strategy on June 30, 2025. The latest 53,501-token addition followed a 32,447 ETH purchase the prior week, a sharp acceleration from several smaller weekly additions earlier in August.

Decrypt’s report on the purchase noted that the $131 million weekly buy was BitMine’s largest since June. It also highlighted the company’s claim that most of its ETH is being put to work through staking rather than sitting idle.

That can create recurring yield, but the scale cuts both ways. A treasury approaching 6 million ETH gives BitMine extraordinary exposure to Ethereum’s upside, staking economics and institutional adoption.

It also concentrates the company’s balance sheet around one volatile asset. Its financing choices are now increasingly relevant to ETH investors.

The headline number is simple: BitMine is nearly at 5% of supply. The more important question is what happens after it gets there.

If the company keeps buying at anything close to this pace, the market will have to watch how it funds new purchases and manages staking liquidity. This asset position is already enormous even by crypto standards.

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