Bitmine bought 28,086 ETH for roughly $69.5 million last week. The company now holds 5.93 million ETH worth approximately $14.8 billion at current prices. Those holdings represent 4.9% of Ethereum's total supply of 122 million tokens. Bitmine has bought ETH every week since launching its treasury strategy on June 30, 2025. No other public company has matched that streak. Bitmine's total crypto and cash holdings stand at $15.7 billion. The company has 5.07 million ETH staked through its MAVAN platform. The staking position has projected annualized revenue of $330 million at a 7-day yield of 2.61%. Tom DeMark said ETH moved sideways in August without a downside break. DeMark said that move expired a 12-day bearish metric. He said the move implies a renewal of the prior uptrend. DeMark called last week's one-day rally a likely preview of the pending advance. He expects ETH to make a sharp upward move in the coming weeks. Tom Lee noted that four crypto-related equities are among the Russell 1000's top 21 performers quarter to date. Lee said ETH outperformed the S&P 500 by 5,430 basis points in Q3. BMNR ranks fourth in the Russell 1000 quarter to date. BMNR has gained 99% quarter to date. The benchmark has gained 3%. Lee argued that Russell 1000 fund managers need to evaluate whether they have enough crypto exposure. Lee pointed to a Clarity Act vote scheduled for mid-September as a catalyst. He also pointed to Korean investors rotating back into crypto from AI stocks. He pointed to the four-year cycle bottoming in the next few weeks. BMNR was at $24.80 Monday. The stock was consolidating above the $23 to $24 breakout zone. That zone capped the price in April and May. The 20-day EMA was below the price as rising support. The 50-day EMA was also below the price as rising support. The 200-day EMA was at $22.31 and had been reclaimed. The recent high was $26.88. A break above $26.88 could open fresh multi-month highs. The $23 to $24 breakout retest zone must hold.
Bitmine Buys 28,086 ETH for $69.5M, Holds 4.9% of Ethereum Supply
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Summary
Bitmine bought 28,086 ETH for $69.5M last week, raising its ETH holdings to 5.93 million, or 4.9% of the total supply. The firm has been accumulating ETH weekly since June 30, 2025, and now holds $15.7B in crypto and cash. ETH price remains range-bound in August, per analyst Tom DeMark, who sees potential for an uptrend. Tom Lee cited strong crypto equity performance in the Russell 1000 and urged higher exposure. ETH analysis suggests mixed near-term signals.
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