Bitmine Immersion Technologies (BMNR), the primary crypto treasury company centered on Ethereum, announced on Tuesday that it acquired 28,086 ether (ETH) during the previous week, bringing it closer to its objective of securing 5% of the total Ethereum supply.
This acquisition, valued at approximately $69.4 million based on Tuesday’s ether valuation of $2,472, increased Bitmine’s total reserves to 5,929,198 ETH.
Consequently, the organization needs approximately 171,000 more ETH to fulfill its acquisition objective.
Bitmine has acquired ETH on a weekly basis ever since initiating its Ethereum treasury initiative in June 2025. Although this recent acquisition decreased from the 53,501 ETH secured the week prior, the enterprise persistently approaches its accumulation milestone.
At the rate maintained last week, that milestone might be reached in under seven weeks.
Ether may resume uptrend, analyst says
This acquisition transpired as the firm keeps a positive outlook on ETH following a two-week period of range-bound trading around the $2,400-$2,500 thresholds, which allowed the token to absorb its 35% surge that occurred across just a few days in mid-August.
Tom DeMark, the creator of DeMark Analytics and a financial markets consultant for Bitmine, stated that his technical metrics indicate a potential upward surge in the upcoming weeks.
“ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move,” DeMark said. “We believe this further supports the continuation of the prior uptrend.”
Originally published at https://www.coindesk.com/business/2026/09/08/bitmine-purchased-another-usd69-million-of-eth-with-tom-demark-expecting-price-uptrend-to-soon-resume.
