Bitmine Adds 28,086 ETH, Nears 5% Ethereum Supply Goal

Bitmine Immersion Technologies (BMNR), the largest Ethereum-focused crypto treasury company, purchased another 28,086 ether (ETH) last week as it moves closer to its ambitious target of owning 5% of Ethereum’s total supply.

The latest Ethereum acquisition was worth approximately $69.4 million based on ETH’s Tuesday price of around $2,472. The purchase increased Bitmine’s total holdings to 5,929,198 ETH, reinforcing its position as a major institutional holder of the cryptocurrency.

Bitmine now needs to acquire roughly another 171,000 ETH to reach its 5% Ethereum supply target. The company has consistently purchased ether every week since launching its Ethereum treasury strategy in June 2025.

However, the pace of accumulation slowed compared with the previous week, when Bitmine acquired 53,501 ETH. Even at the latest weekly buying rate, the company could reach its target in less than seven weeks if purchases continue at a similar pace.

Bitmine’s continued accumulation comes as Ethereum consolidates following a sharp rally in August. ETH has largely traded between $2,400 and $2,500 over the past two weeks after surging approximately 35% within several days in mid-August.

Despite the recent sideways price action, the company remains optimistic about Ethereum’s outlook. Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said technical indicators suggest ETH could be preparing to resume its upward trend.

DeMark noted that Ethereum maintained its trading range without suffering a significant downside breakdown while a 12-day technical metric expired. He said the development indicates renewed upside momentum and provides further support for a continuation of ETH’s previous uptrend.

Bitmine’s aggressive Ethereum treasury strategy has made the company a closely watched institutional participant in the ETH market. With less than 200,000 ETH remaining before it reaches its accumulation objective, continued Bitmine purchases could remain an important factor for investors monitoring institutional Ethereum demand and ETH price trends.