BitMine Adds 28,086 ETH as Its Ethereum Treasury Nears 5% of Supply

BitMine Immersion Technologies added another 28,086 Ether to its balance sheet last week, taking its total Ethereum holdings to 5,929,198 ETH.

By BitMine’s count, the company now owns roughly 4.9% of Ethereum’s reported 122 million-token supply. It is 97% of the way toward its “Alchemy of 5%” target.

The BitMine company announcement values the latest weekly addition at about $70 million using a reference price of $2,495 per ETH. The company did not disclose the exact execution price it paid.

BitMine’s official account also highlighted the market case behind the strategy, including adviser Tom DeMark’s view that Ether could resume its recent upward move. His technical forecast helps explain why the company is still accumulating this close to its stated target, though future price action remains uncertain.

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Tom DeMark, founder of DeMark Analytics and a capital markets advisor to Bitmine is expecting ETH to make a sharp upward move in coming weeks.

According to Tom DeMark,

➡️ “In August, ETH moved sideways without a downside break and the 12-day metric expired, which implies a… pic.twitter.com/CucGmTxlDg

— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) September 8, 2026

The bigger story is what BitMine is doing with the ETH after it buys it. The company says 5,067,309 ETH is now staked—about 85% of its total stash.

At the reported 2.61% seven-day annualized yield, BitMine projects roughly $330 million in annual staking revenue. It estimates the figure could reach about $386 million if the full treasury were staked through its MAVAN platform and outside partners at that same yield.

Those projections can move with network rewards, validator performance and the price of ETH. Still, the scale matters: BitMine is building a treasury that is designed to generate native yield rather than simply sit in custody.

The company reported $15.7 billion in total crypto, cash, marketable securities and strategic investments. Beyond its ETH, that total includes 211 bitcoin, $593 million in cash and marketable securities, a $180 million Beast Industries stake and a $91 million Eightco position.

JUST IN: Tom Lee's BitMine buys 28,086 ETH worth $69 million.

Total Holdings: 5,929,198 ETH
Avg. price: $2,495 per ETH pic.twitter.com/XsAgRPMdZd

— Crypto India (@CryptooIndia) September 8, 2026

Decrypt’s report notes that BitMine has purchased ETH every week since launching the strategy in June 2025. It also points out a curious detail: the company’s own progress gauge slipped from 98% to 97% even after buying more, because the ETH supply figure used in the latest calculation increased.

For Ethereum holders, BitMine’s accumulation has two competing implications. Moving millions of ETH into a corporate treasury and staking program can reduce immediately liquid supply.

It also concentrates a meaningful share of the network asset in one public company. BitMine’s capital-raising decisions, risk controls and shareholder pressures are separate from Ethereum itself.

BitMine is already the largest disclosed corporate ETH holder. At 5.93 million tokens, the strategy has reached institutional scale.

The next question is what the company does once it reaches the 5% line—and whether staking income can make such a concentrated treasury durable through the next downturn.

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