Bitmine Buys $69 Million in Ethereum and Nears Its Goal
Bitmine has grown its Ethereum holdings to nearly 6 million ETH and is still 171,000 tokens short of its 5% target. The purchase highlights ETH's role as a treasury asset for large companies.
Key Takeaways
- Bitmine bought 28,086 ETH last week for about $69.4 million.
- Bitmine's total holdings rose to 5,929,198 ETH, still about 171,000 ETH below its target of 5% of supply.
- Ethereum traded around $2,400 to $2,500, while advisor Tom DeMark pointed to a possible new move higher.
Bitmine Immersion Technologies bought 28,086 ETH last week, worth about $69.4 million (€59.7 million). That puts the company, which focuses on Ethereum as a treasury asset, another step closer to its goal of holding 5% of the total supply.
Bitmine's New Purchase
The purchase brought Bitmine's total holdings to 5,929,198 ETH. That leaves the company about 171,000 ETH short of its accumulation target. Bitmine has been buying ETH every week since it launched its Ethereum treasury strategy in June 2025.
The latest purchase was smaller than the week before, when the company added 53,501 ETH. At the current pace, Bitmine could reach its goal in less than seven weeks. That still depends on how quickly the company keeps buying.
Ethereum Stays Around $2,400 (€2,070) to $2,500 (€2,150)
The purchase came during a period when Ethereum mostly moved sideways around $2,400 (€2,070) to $2,500 (€2,150). The coin was digesting the strong 35% jump in just a few days in mid-August. Tom DeMark, founder of DeMark Analytics and an advisor to Bitmine, said his technical indicators point to a possible new move higher in the coming weeks.
He said ETH was moving sideways without a downside breakout and that a 12-day measurement has expired, which he said fits with a resumption of the earlier uptrend. That does not guarantee where the price goes next, but it does show that Bitmine and its advisors are still positive on Ethereum at this level.
Why This Matters
Bitmine is one of the biggest institutional buyers of Ethereum and shows that large companies see ETH not just as a trading coin, but also as a balance sheet asset. For European crypto followers, that matters because purchases like this say something about professional demand, especially now that Ethereum is also benefiting from staking and a smaller freely tradable supply. It makes the role of treasury companies in the crypto market more and more visible.
Earlier, a larger ETH purchase by Bitmine had already marked a big step toward that same goal, when the company also quickly expanded its holdings.
