BitMine Immersion Technologies (BMNR) has purchased an additional 17,362 ETH over the past week, pushing its Ethereum treasury beyond the 6 million token mark, according to an announcement published via PR Newswire. The firm's total Ethereum holdings now stand at 6,001,302 ETH, valued at approximately $16.2 billion, while its reported crypto and cash holdings have reached $17.2 billion.

The accumulation comes as Ethereum recorded its strongest weekly close in eight months. Weekly closes are widely used to gauge longer-term trend because they smooth out day-to-day volatility. Crypto analyst AshCrypto noted on X that the asset also closed above the 1-week 50 moving average for the second consecutive week.

BitMine Expands Ethereum Treasury

The latest purchase moves BitMine closer to its stated goal of holding 5% of Ethereum's supply. The company now controls about 4.9% of the estimated 122.1 million ETH that make up the network's total supply, leaving it roughly 0.1 percentage points short of that target.

According to the announcement, 5,067,309 ETH — roughly 84% of BitMine's total Ethereum holdings — are currently staked. Staking involves locking tokens help validate transactions and secure the Ethereum network, with participants receiving rewards in return. The company valued the staked position at approximately $13.7 billion, using an ETH reference price of $2,698.

BitMine said its Ethereum staking operations generated a seven-day annualized yield of 2.62%. Based on current figures, the company projects annualized staking revenue of about $358 million.

The latest acquisition follows a series of weekly purchases. BitMine said it has bought Ethereum every week since launching its treasury accumulation strategy on June 30, 2025, and the company continues its Ethereum accumulation plan that began in June 2025.

Ethereum Price Holds Above Key Support

Ethereum continues to trade near the $2,685 level after recovering from its recent pullback. The weekly chart shows ETH moving back above the 50-week moving average, a widely followed long-term trend indicator, and the recovery has pushed the price away from the $1,505.68 cycle low. The latest candles suggest buyers are attempting to maintain control near the current range.

The weekly structure shows ETH approaching a key decision area after breaking above the descending moving average curve. Holding this zone could allow Ethereum to continue building momentum, while a rejection near current levels may lead to another consolidation phase before the next directional move.

Analyst Ted Pillows noted on X that Ethereum has been consolidating within an accumulation range for more than five years, with the current structure resembling a long-term base formation. He suggested ETH could see a strong upside move if it breaks above the multi-year accumulation range, projecting a potential price target of $12,000 to $15,000 by 2029.

Ethereum Momentum Indicators Stay Positive

Daily technical analysis shows Ethereum maintaining a bullish setup, with the price trading above both short- and long-term exponential moving averages. The Relative Strength Index (RSI) sits near 63 and the Stochastic Oscillator around 73, indicating positive momentum, although both indicators have cooled from previous overbought conditions, a zone conventionally marked by RSI readings above 70.

Analysts identify the $2,786 area as an important resistance zone, where a sustained move above this level could open room toward higher barriers. On the downside, the $2,600 region acts as a nearby support area, while deeper buying interest could appear around lower support zones if selling pressure increases.

BitMine's expanding Ethereum holdings add another institutional treasury development as ETH trades near its recent recovery range. The company's treasury strategy now includes more than 6 million ETH, alongside Bitcoin holdings, cash, and other investments. Because the company discloses its purchases weekly, upcoming updates will show whether the treasury moves past the 5% supply threshold.

This article was originally published on The Market Periodical.