Bitmine Immersion Technologies (NYSE:) has announced its latest purchase worth $237 million. The purchase of 111,942 Ethereum tokens last week is BitMine’s biggest ETH acquisition since December 2025.
According to BitMine’s latest disclosure, the company now holds 5.39 million $ETH tokens in its reserve. This represents roughly 4.47% of Ethereum’s circulating supply. Against this backdrop, the ETH price has been on a range-bound move recently.
BitMine Nears Alchemy of 5%
BitMine, originally a Bitcoin mining firm, has now become popular for being the world’s largest Ethereum (ETH) treasury. The company has announced that it plans to acquire and stake 5% of the total ETH supply. The company calls this the “Alchemy of 5%.”
In an announcement, BitMine said that it now holds $12.3 billion in crypto assets, cash, and strategic investments. In the report, BitMine revealed it had purchased 111,942 ETH tokens last week, to take its total to 5.39 million $ETH tokens. In just 11 months, BitMine is now 89% of the way to the ‘Alchemy of 5%.’
The latest purchase comes after the ETH price fell below the $2,100 mark, which the company calls an attractive entry point. BitMine now holds a total of 5.39 million ETH tokens, or 4.47% of Ethereum’s total circulating supply.
With its recent purchases, chairman Tom Lee has said that his company looks to achieve its alchemy of 5% dream before the end of 2026. In addition to its Ethereum holdings, BitMine also holds 203 , $444 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
BitMine Generates $276M in Staking Revenue
Unlike other crypto reserve firms that focus on holding, BitMine actively stakes ETH tokens. The company has been scaling up ETH staking through its MAVAN validator platform.
BitMine has staked more than 87% of its total holdings, or 4.7 million ETH tokens worth $10.1 billion. The report shows that its staking position will generate about $276 million in annualized staking revenue for the company. This makes Bitmine one of the largest institutional validators in the Ethereum ecosystem.
Ethereum Price Continues Range Movement
Meanwhile, Ethereum has shown a weekly range-bound movement in terms of value. CoinMarketCap data points to the ETH price ranging from around $2,050 to nearly $2,150 on the one-week chart. This comes after a slight correction as the value of Ethereum fell from $2,400 last week.
The immediate resistance levels for ETH sit at $2,150 and $2,210. If the ETH price pushes past these levels, it may climb back to $2,400 which is its key resistance level. However, if bears continue to dominate the market, Ethereum may retest the critical support level at $2,000.
Technical Indicators Are Staying Bearish
Despite the Ethereum price staying in a range zone, technical indicators from Investing.com show that ETH is bearish on the one-day chart. Moving averages are also flashing a strong sell signal on the 1D timeframe.
Ethereum MACD(12,26) has dropped to -54.25, while the 14D RSI sit at 36.694, which are strong bearish signs. If the recent massive purchase from BitMine hasn’t been able to lift the ETH price off, Ethereum investors would now need to look for a broader crypto market move for a possible change of trend.
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