Bitmine Immersion Technologies ·, the largest Ethereum-focused crypto treasury firm, said Tuesday it bought 28,086 ether last week, inching closer to its goal of owning 5% of Ethereum’s supply.
The purchase, worth about $69.4 million at Tuesday’s ether price of $2,472, lifted Bitmine’s holdings to 5,929,198 ETH.
That leaves the company roughly another 171,000 ETH short from reaching its accumulation target.
Bitmine has bought ETH every week since launching its Ethereum treasury strategy in June 2025. The latest haul slowed from 53,501 ETH the previous week, though the company continues to close in on its accumulation target.
Maintaining last week’s pace, that could occur in less than seven weeks.
The purchase came as the company remain upbeat on ETH after the token traded mostly sideways over the past two weeks near the $2,400-$2,500 levels, digesting its 35% rally in only a few days in mid-August.
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said his technical indicators point to another potential move higher in the coming weeks.
“ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move,” DeMark said. “We believe this further supports the continuation of the prior uptrend.”