Bitmine buys 17,362 ETH as BMNR trades near $27

Bitmine Immersion Technologies bought 17,362 ETH last week. Its holdings reached 6,001,302 ETH, worth roughly $16.2 billion. Those holdings represented 4.9% of Ethereum's 122.1 million token supply. A Monday press release listed $17.2 billion in total holdings of crypto, cash and marketable securities. The latest purchase was smaller than the 27,562 ETH added the week before. Bitmine has bought ETH every week since it launched its treasury strategy on June 30, 2025. Bitmine had staked 5.07 million ETH through its MAVAN platform. Its projected staking revenue was $358 million annualized. The update put Bitmine roughly 104,000 ETH short of its 5% target. Chairman Tom Lee argued that institutions remain underweight crypto and will add exposure in the final months of 2026. Ethereum's quarter-to-date outperformance against the S&P 500 stood at 6,728 basis points, up from 6,519 a week earlier. Lee called the 6 million ETH milestone proof of the network effects associated with owning nearly 5% of the supply. Lee was scheduled to deliver the keynote at Korea Blockchain Week in Seoul on Sept. 30. BMNR closed Friday at $27.56, down 1.68%. BMNR traded lower in premarket trading near $27.23. The pullback followed a break above the $23 to $24 resistance zone, which had capped every rally since February. That zone had become support. BMNR's price continued to climb inside an ascending channel from the July low. Every major EMA sat below the price. The recent swing high at $29.60 was resistance. The 20-day EMA at $25.36 was the first support level.