Crypto · 08 September, 2026 · 3 min read
Bitmine Buys 28,086 ETH, Closing In on Its 5% Ethereum Supply Goal
Bitmine bought 28,086 ETH, totaling about 5.93 million (roughly 4.9% of supply). Total crypto and cash holdings reach about $15.7 billion; ETH portion ~ $14.8 billion.
19 outlets, one story, no spin found.
8 of 10 outlets skipped it: unrealised losses on ETH holdings estimated at about $5.1bn.
19outlets compared
Bitmine nears 5%
Bitmine Immersion Technologies said it bought another 28,086 ETH over the past week, bringing its Ethereum holdings to 5.93 million tokens and leaving the company at 4.9% of the ETH supply of 122.0 million.
“As of September 7, 2026 at 2:00pm ET, the Company's crypto holdings are comprised of 5,929,198 ETH at $2,495 per ETH”
The company framed the move as progress toward its “Alchemy of 5%” goal, with its latest purchase priced at $2,495 per coin and described as part of a plan to reach 5% within 15 months.
In the same update, Bitmine reported that it has staked 5,067,309 ETH and expects annualized staking revenue of $330 million, with the staked position valued at $12.6 billion at $2,495 per ETH.
TradingView said the BMNR stock dipped even after the buy, noting the company was “just 0.1% From Its 'Alchemy Of 5%' Goal,” or about 122,000 ETH short of 5%.
Cointelegraph also said the purchase completed 97% of Bitmine’s goal to acquire 5% of Ether’s supply within 15 months, while the company’s ETH treasury remained its central focus.
Tom Lee and DeMark
Chairman Thomas “Tom” Lee linked Bitmine’s accumulation pace to broader market performance, saying “Ethereum is the best performing macro asset in Q3 so far,” and arguing that fund managers “need to consider whether they have sufficient exposure to crypto.”
Lee also pointed to technical timing, while Tom DeMark said, “In August, ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move.”
PR Newswire reported that Lee expected “the upcoming CLARITY Act vote scheduled in mid-September” to act as a catalyst, alongside renewed Korean investors buying crypto and rotation away from AI stocks.
CoinCodex described Lee’s stance that Bitmine’s “track record of consistent buying of crypto is unmatched by any public company in the world,” and said the company has bought ETH “each and every week since the inception of the ETH Treasury Strategy on June 30.”
Across the coverage, Bitmine’s narrative ties together weekly ETH purchases, staking-linked yield, and a view that the consolidation phase could precede another move higher.
Losses, staking, and risk
Even as Bitmine neared its 5% target, Cointelegraph said its team faces a $5.1 billion unrealized loss on its main treasury asset, with the Dropstab figure tied to its ETH holdings.
“faces a $5.1 billion unrealized loss on its main treasury asset”
Cointelegraph also reported that Ether fell 16% since the beginning of 2026 and was trading at $2,469 at 1:29 pm UTC on Tuesday, while Bitmine’s NYSE-traded BMNR stock was down more than 2% at Tuesday’s market open.
PR Newswire said Bitmine’s total crypto and total cash and marketable securities and “moonshots” holdings totaled $15.7 billion, including $593 million in cash and marketable securities and a $180 million stake in Beast Industries.
The company’s staking plan remained central to its outlook, with PR Newswire stating that staked ETH is expected to generate $330 million in annualized staking revenue, and that Bitmine has reached 97% of the way to its “Alchemy of 5%” goal within 15 months.
At the same time, TradingView highlighted that BMNR’s share price weakness came “amid a broader market decline,” underscoring that the company’s progress toward 5% is being weighed against volatility in ETH and crypto equities.