Bitmine Adds 27,562 ETH, Closing in on 5% of Ethereum Supply

Bitmine Immersion Technologies (NYSE: BMNR) purchased 27,562 ETH last week, the company said in a Monday press release. The buying lifts Bitmine's Ethereum holdings to 5.98 million ETH, valued at about $16.08 billion at current prices. The position equals 4.9% of Ethereum's total supply, leaving Bitmine 98% of the way to its stated goal of holding 5%. The company has added ETH every week since launching its treasury strategy on June 30, 2025. Total crypto and cash holdings now total $17.1 billion. Bitmine said 5.07 million ETH is staked via its MAVAN platform, with projected annualized staking revenue of $357 million. Chairman Tom Lee pointed to Ethereum's third-quarter performance as a key sign the crypto bull market is in motion. ETH has outperformed the S&P 500 by 6,519 basis points quarter to date, up from the 5,866 basis points figure Bitmine cited two weeks ago. Lee attributed the move to a rotation out of AI stocks and back into crypto, improved fundamentals tied to tokenization and AI infrastructure, and the end of the four-year cycle. He said institutions could materially increase crypto allocations in the final three months of 2026, arguing many began the year underweight after AI-led gains dominated early returns. Lee also said the third-quarter surge may be a lead-in to a stronger fourth quarter rather than the peak of the trend. Lee is scheduled to deliver the keynote at Korea Blockchain Week in Seoul on September 30. Bitmine described itself as the world's largest Ethereum treasury and the second-largest crypto treasury globally, behind Strategy (NASDAQ: MSTR). Strategy holds 846,000 BTC worth roughly $75 billion. Bitmine also holds a $105 million stake in Eightco Holdings (NASDAQ: ORBS), which it said offers investors indirect exposure to OpenAI through a public equity. Over the past five days, Bitmine's average daily dollar trading volume reached $1.2 billion. That placed the stock 100th out of 5,704 U.S.-listed names and ahead of Ciena Corp. BMNR rose 6% on Monday, breaking above a $24 resistance area that had capped rallies since February. The move also pushed the stock beyond the ascending channel that has guided the rebound from the July low near $13. The report characterized the breakout as an acceleration signal rather than another retest. The relative strength index stood at 64.72, above its moving average and climbing, indicating strengthening momentum without entering overbought territory, according to the article. Key levels cited were $24, where the 20-day exponential moving average has shifted to support, and $22.5, aligned with the 200-day exponential moving average as deeper support.