TLDR
- BitMine purchased 53,501 ETH last week, its largest weekly buy since June, pushing holdings to 5.901 million ETH worth $14.63 billion.
- BitMine now holds 4.9% of Ethereum’s circulating supply, approaching Tom Lee’s “Alchemy of 5%” target.
- ETH ETFs recorded $824 million in net inflows last week, their largest since October.
- ETH outperformed the S&P 500 by 5,430 basis points in Q3, according to Lee.
- ETH trades near $2,450 after a roughly 33% rally in August, with key support at $2,431.
BitMine Immersion Technologies (BMNR) added another 53,501 ETH to its treasury last week, its biggest single-week purchase since June. The acquisition extended the company’s buying streak to 65 consecutive weeks, dating back to when it launched its Ethereum treasury strategy on June 30, 2025.
The firm’s total ETH holdings now stand at 5,901,112 ETH, valued at approximately $14.63 billion. That stack represents roughly 4.9% of Ethereum’s 120.7 million circulating tokens, putting BitMine just short of its stated 5% ownership target.
BitMine Chairman Thomas Lee has called that threshold the “Alchemy of 5%.” At current holdings, the company is about 98% of the way there.
It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 51,000 $ETH($126M) from #FalconX and #BitGo 2 hours ago.https://t.co/lysw4izlK8https://t.co/tBWIHQYCeF pic.twitter.com/jqoTLy3XO3
— Lookonchain (@lookonchain) September 1, 2026
Beyond ETH, BitMine holds 211 Bitcoin worth $16.4 million, $541 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco Holdings.
Staking Revenue Builds Alongside Holdings
BitMine has staked 5,067,309 ETH — roughly 86% of its total holdings — through its Made in America Validator Network (MAVAN) and other staking partners. The company projects around $335 million in annualized staking revenue at a seven-day yield of 2.63%, with potential to reach $390 million if fully staked through MAVAN.
Lee cited ETH’s Q3 performance as a reason for broader optimism. He stated that ETH has outperformed the S&P 500 by 5,430 basis points so far this quarter, making it one of the best-performing macro assets of the period.
“We believe this sets the stage for institutions to add to their crypto holdings,” Lee wrote Monday, pointing to the upcoming Senate procedural vote on the CLARITY Act scheduled for mid-September, Korean investors rotating from AI stocks into crypto, and a potential bottoming of the four-year crypto market cycle.
ETF Inflows Support Price
U.S. spot Ethereum ETFs recorded net inflows of $824.42 million last week, the largest weekly figure since October, according to SoSoValue data. August saw roughly $1.06 billion in total ETF inflows, with about $1.4 billion flowing in across nine sessions starting mid-August.
U.S. spot Bitcoin ETFs recorded $217 million in net inflows on Aug. 31, led by BlackRock’s IBIT with about $206 million, while spot Ether ETFs drew $87.68 million, with BlackRock’s ETHA accounting for roughly $59.94 million. BlackRock is the world’s largest asset manager,… pic.twitter.com/O4R0RVVZWn
— Wu Blockchain (@WuBlockchain) September 1, 2026
Ethereum’s price jumped roughly 30% from the $1,800–$1,900 range around August 18–19 before pulling back slightly. ETH is currently trading near $2,450, down from a brief push above $2,500.
BMNR shares rose roughly 38% during August alongside ETH’s price move. The stock was trading at $25, up 6% on Monday, though it remains about 45% below its 52-week high of $65.60.
$ETH has just formed its FIRST GOLDEN CROSS since July 2025.
The last time this happened, $ETH rallied roughly 100% in the weeks that followed.
A similar impulse from current levels would put $ETH around $4.8K. pic.twitter.com/x3dJJNEXd7
— Luca – Cryptic Trades (@CrypticTrades_) August 31, 2026
Crypto analyst Luca from Cryptic Trades flagged that ETH recently formed its first Golden Cross since July 2025. He noted that the last time this pattern appeared, ETH rallied roughly 100% in the weeks that followed, which would put ETH near $4,800 from current levels.
ETH’s nearest support sits at $2,431, followed by the 20-day EMA and the $2,172 area.
