Bitmine Immersion Technologies added 27,180 ETH last week, pushing its treasury to 5,956,378 ETH and closing in on its goal of holding 5% of Ethereum's supply. Chairman Tom Lee cited a new ETH/BTC uptrend and the pending Clarity Act as catalysts, while adviser Tom DeMark said he expects a sharp move in ether's price in the coming weeks.
Bitmine Immersion Technologies added 27,180 ETH over the past week, lifting its Ethereum treasury to 5,956,378 ETH — worth about $15 billion as of Sept. 13. The purchase, worth roughly $68 million at about $2,500 per token, moves the firm closer to its self-declared goal of controlling 5% of Ethereum's supply.
Holdings approach the firm's 5% target
The company now holds 4.9% of Ethereum's 122 million-token supply. Crypto Briefing put the remaining gap at roughly 144,000 ETH away from the firm's 5% target, which it calls the "Alchemy of 5%." Bitmine has bought ether every week without missing one since launching its treasury program on June 30, 2025.
Ethereum traded above $2,500 on Monday, up 1.4% over 24 hours, with a market capitalization of $306.3 billion.
Staking funds a growing revenue stream
As of Sept. 7, Bitmine had staked 5,067,309 ETH, about 85% of its holdings. Bitmine also draws revenue from staking, which last week generated a 7-day annualized yield of 2.62%, with projected annualized revenue of $334 million.
Lee points to ETH/BTC uptrend and legislative catalysts
Chairman Tom Lee said the ETH/BTC ratio reached its highest level since Jan. 30, describing it as a new uptrend. He also said ether outperformed the S&P 500 by 5,866 basis points in Q3 through the prior Friday. Lee's outlook also rests on tokenization and pending U.S. legislation such as the Clarity Act as additional catalysts. Trump has agreed to the bill's ethics provision, which CoinGape reported boosts the odds of Senate passage before the midterm recess.
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said he expects ether to make a sharp upward move in the coming weeks, pointing to August trading when ETH moved sideways without a downside break. According to The Block: "We believe this further supports the continuation of the prior uptrend."
Sources: The Block, CoinGape, Crypto Briefing
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