Bitmine Buys 27,180 ETH for $68 Million, Reaching 98% of Its 5% Supply Goal

Bitmine Immersion Technologies acquired 27,180 ETH last week for approximately $68 million, bringing its total Ethereum holdings to 5.96 million ETH and leaving the company roughly 144,000 tokens short of its target of owning 5% of Ethereum's total circulating supply. The purchase puts Bitmine at 98% of that accumulation goal, and Ethereum now dominates the company's crypto treasury, which is valued at $15.8 billion.

Chairman Tom Lee highlighted several upside catalysts alongside the announcement. He noted that the ETH-to-BTC ratio had reached its highest level since January 30 and described it as the start of a new uptrend, while also pointing out that ETH had outperformed the S&P 500 by 5,866 basis points in the third quarter through the prior Friday. Adviser Tom DeMark separately forecast a sharp upward move in ETH in the coming weeks. Bitmine's steady accumulation mirrors a broader trend, with more than 197 public companies now holding digital assets as treasury reserves.

Also on September 14, Strive separately disclosed a purchase of 469 Bitcoin for $36.6 million, bringing its total BTC holdings to 25,000 coins, underscoring the continued appetite among corporate treasury buyers across both leading cryptocurrencies.