Hassan Maishera
TL;DR
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Bitmine acquired 28,086 ETH last week, worth approximately $69.4 million at Tuesday’s price.
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The purchase increased its total holdings to 5,929,198 ETH.
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Bitmine needs roughly another 171,000 ETH to reach its goal of owning 5% of Ethereum’s supply.
Bitmine Immersion Technologies, the largest Ethereum-focused digital-asset treasury company, acquired another 28,086 ETH last week as it moved closer to owning 5% of the cryptocurrency’s supply.
The purchase was valued at approximately $69.4 million based on Ether’s Tuesday price of $2,472.
Bitmine now holds 5,929,198 ETH. The company needs to acquire approximately another 171,000 tokens to reach its accumulation target.
At its latest weekly purchasing rate, Bitmine could achieve that goal within seven weeks, provided Ethereum’s circulating supply and the company’s strategy remain broadly unchanged.
Bitmine Extends Weekly Ethereum Purchases
Bitmine has bought ETH every week since launching its Ethereum treasury strategy in June 2025.
The latest addition was smaller than the previous week’s acquisition of 53,501 ETH. Even so, it continued the company’s uninterrupted accumulation streak and moved its holdings closer to the 5% threshold.
Bitmine would need slightly more than six weeks to acquire the remaining 171,000 ETH if it maintained last week’s pace of 28,086 tokens.
The actual timeline could differ depending on market conditions, available capital, and changes in the company’s weekly purchase volumes.
Building such a large position gives Bitmine substantial exposure to Ethereum’s price. It also makes the company’s stock a potential proxy for investors seeking ETH exposure through traditional equity markets.
Bitmine’s latest purchase came as Ether continued trading within a relatively narrow range.
ETH has spent most of the past two weeks between approximately $2,400 and $2,500 after gaining around 35% during a short rally in mid-August.
The sideways movement indicates that the market is digesting those gains. Buyers have so far prevented a decisive breakdown, but ETH has also struggled to extend its earlier advance.
Consolidation after a sharp rally can allow leveraged positions and momentum indicators to reset. However, it can also precede a deeper correction if buyers fail to defend support.
Bitmine remains optimistic that Ether’s broader uptrend will resume.
Tom DeMark Sees Potential for Renewed ETH Rally
Tom DeMark, founder of DeMark Analytics and a capital-markets adviser to Bitmine, said his technical indicators point to another possible move higher in the coming weeks.
DeMark noted that Ether moved sideways without breaking down and that a 12-day technical signal had expired. He interpreted the development as support for a renewal of the prior upward trend.
The analysis suggests that ETH’s recent consolidation may represent a pause rather than the beginning of a bearish reversal.
Still, technical indicators cannot guarantee future performance. Ether’s direction will also depend on broader crypto sentiment, institutional demand, and macroeconomic conditions.
Reaching 5% of Ethereum’s supply would make Bitmine one of the ecosystem’s most influential corporate holders.
At the time of reporting, the company’s 5.93 million ETH position was worth approximately $14.7 billion using Ether’s price of $2,472.
Large treasury holdings can create significant upside if ETH appreciates, but they also expose shareholders to substantial unrealized losses during market declines.
Bitmine’s consistent purchases indicate that it remains committed to its accumulation strategy despite short-term price movements. The slowing weekly pace, however, means the timing of its final push toward the target will depend on whether future acquisitions accelerate or continue at current levels.
For now, the company is only about 171,000 ETH away from completing its stated goal as Ether holds near the midpoint of its recent trading range.
