BitMine Immersion Technologies purchased another 27,180 ETH during the past week, lifting its Ethereum treasury to 5.96 million tokens. The company now controls roughly 4.9% of Ethereum's reported 122 million-token supply, placing it just below its stated objective of owning 5% of the network. Reaching that mark would put roughly 6.1 million tokens — one out of every 20 ETH in existence — under a single publicly listed company's control.

The buildup gives BitMine simultaneous exposure to Ethereum's price movements and staking revenue, while traders watch whether the token's latest recovery can develop into a broader breakout above a key resistance zone.

Treasury Nears 5% of ETH Supply

According to the company's weekly update, BitMine reported holdings of 5,956,378 ETH as of September 13, valued at about $15 billion using an ETH price of $2,513. The purchase extended a weekly accumulation strategy that began in June 2025, and the company said it has bought ETH every week since launching its Ethereum treasury plan.

That position makes BitMine the largest publicly listed Ethereum treasury by reported holdings, and the scale of the program means each weekly acquisition has a direct effect on the company's treasury balance. The weekly-buy program reflects a broader 2025 trend of publicly listed firms building ETH treasuries, adapting a playbook pioneered by bitcoin treasury companies to an asset that can also generate staking yield.

Beyond Ethereum, the company holds 212 Bitcoin, a $180 million stake in Beast Industries, and a $98 million stake in Eightco Holdings. Cash and marketable securities totaled $549 million, bringing combined holdings to $15.8 billion.

Staked ETH Passes 5 Million Tokens

BitMine continues to move a large share of its ETH into staking. As of September 7, the company reported 5,067,309 ETH staked, about 85% of its total Ethereum holdings, with a stated value of $12.7 billion.

Staking operations produced a seven-day annualized yield of 2.62%, according to the company. Based on the current staked balance, BitMine projects approximately $334 million in annualized staking revenue, a figure it expects to rise as more of its ETH is staked.

The staking runs through BitMine's MAVAN validator network alongside other staking partners. The company built MAVAN to support its treasury strategy and later opened the infrastructure to institutions and ecosystem partners, adding a layer of exposure beyond simple token ownership. Staked tokens are committed to the network and must be unstaked before they can be sold, so the growing balance also takes a meaningful slice of ETH out of immediate market circulation — a mechanism that feeds directly into the tightening-supply backdrop traders are watching.

Ethereum Tests $2,550 Resistance

Ethereum traded near $2,500 on September 15, recovering from lower levels seen earlier in the summer. The weekly chart shows ETH testing resistance around $2,545 to $2,550, with price holding above the 50-week exponential moving average near $2,386 and the 50-week simple moving average near $2,470, levels widely used as long-term trend markers.

If ETH closes above the current barrier, the next resistance area comes in near $2,800, with $3,000 a potential target if tightening supply supports a confirmed breakout. A rejection could shift attention back toward support near $2,387, with lower support levels around $2,155 and $1,965 and another marked level near $1,713.

Tom DeMark, a capital markets adviser to BitMine, said he expects a sharp upward move in the coming weeks. He pointed to Ethereum's August trading pattern and said the market avoided a downside break. His view follows ETH's recent rebound from the June low.

ETH/BTC Ratio Adds Another Market Signal

BitMine Chairman Tom Lee said the ETH/BTC ratio — a widely watched gauge of ether's performance against bitcoin — reached its highest level since January 30 and broke above a trendline that had limited Ethereum's relative performance since the COVID-era market cycle.

Lee linked the move to rising institutional interest in tokenization and blockchain-based financial activity. He also said Ethereum outperformed the S&P 500 by 5,866 basis points during the third quarter through the previous Friday.

The near-term focus now sits on whether ETH can hold above its weekly moving averages. A confirmed break above $2,550 would bring the $2,800 area into view, while a tightening supply picture could put $3,000 back in focus if the breakout is confirmed.