BitMine Immersion Technologies added 27,180 ETH worth about USD 68 million, lifting its Ethereum reserves to 5.96 million ETH, or 4.9% of total supply. The purchase moves the company closer to its 5% target as exchange-held ETH falls to an 11-year low. Experts cite yield and concentration as two challenges surrounding the strategy.
BitMine has bought Ethereum every week since it launched its crypto strategy on June 30, 2025. The latest purchase stayed close to the previous week's roughly USD 69 million acquisition. The company calls its target the ‘Alchemy of 5%.’
BitMine needs about 144,000 more ETH to reach 5% of Ethereum’s total circulating supply. This gap has narrowed as the company continues its weekly accumulation plan.
BitMine already holds the world’s largest Ethereum treasury and ranks second among crypto treasuries across all assets. Strategy Inc. remains first with 845,080 BTC worth about USD 71 billion.
BitMine values its total crypto assets at USD 15.8 billion. Its portfolio includes 5.96 million ETH, 212 BTC, and USD 549 million in cash and securities.
The company also holds stakes in Beast Industries and Eightco Holdings. BitMine values those positions at about USD 180 million and USD 98 million, respectively.
BitMine reports 5,067,309 ETH in staking, equal to about 85% of its Ethereum holdings. It calculates a seven-day annualized yield of 2.62% and annualized staking revenue of USD 334 million.
BitMine uses MAVAN, its institutional validation platform, which launched in early 2026. Chairman Tom Lee said annualized staking revenue could reach USD 392 million once BitMine stakes all its ETH.
That staking scale makes BitMine a major Ethereum validator while generating recurring treasury income. At the same time, experts cite concentration because the company aims to control nearly 5% of Ethereum's circulating supply.
Ethereum balances on centralized exchanges fell to 14.88 million ETH by September 8, according to CryptoQuant data. About 6.42 million ETH has left exchanges since July 2025. As a result, less ETH remains immediately available for sale on trading platforms. Still, lower exchange reserves alone do not create a clear supply shortage or guarantee higher prices.
Tokens can return to exchanges from private wallets, staking platforms, or storage facilities. Therefore, the effect on Ethereum price depends on whether investor demand rises as exchange availability declines.
Also Read: Ethereum Whale Adds 121,000 ETH as BitMine Expands its Holdings
Will shrinking exchange supply matter if Ethereum demand does not rise? Market participants are also watching spot trading volumes, ETF flows, whale movements, and ETH momentum for stronger demand signals.
If buying pressure increases while exchange availability stays low, tighter supply could support Ethereum price gains. If demand weakens, lower exchange reserves may have little effect on price.