BitMine Immersion continued its aggressive Ethereum accumulation last week, purchasing an additional 15,112 ETH and bringing its total treasury to approximately 6.016 million tokens. At the reported market price, the holdings were valued at roughly $16.16 billion, representing about 4.9% of Ethereum's circulating supply.
The company said it is now approximately 98.5% of the way toward its stated goal of holding 5% of the supply, a strategy it calls the "Alchemy of 5%." This latest acquisition extends a buying streak that has continued as Ethereum consolidates following a strong third quarter.
Strong Q3 performance meets thinner liquidity
Ethereum gained more than 70% during the third quarter, its best quarterly performance since the first quarter of 2021. BitMine Chairman Thomas Lee highlighted the advance, noting that ETH outperformed the S&P 500 by 6,832 basis points during the period. He argued the performance was notable given a hawkish Federal Reserve, higher oil prices, rising global bond yields, and tighter financial conditions.
However, strong returns have coincided with weaker market depth. According to CoinGecko data, Ethereum's median market liquidity has fallen to approximately 35%–45% of Bitcoin's, compared with at least 60% in 2025. Thinner order books can amplify price movements, as large trades encounter less available liquidity, potentially leading to sharper moves in either direction even when the broader trend remains constructive.
Staking remains a key income source
BitMine maintained approximately 5.067 million ETH in staking through its Made in America Validator Network (MAVAN) and other staking partners, representing roughly 84% of its reported Ethereum holdings. The company projects annualized staking revenue of $363 million, though this figure is an estimate rather than a guaranteed return.
Alongside its Ethereum treasury, BitMine reported ownership of 214 BTC, a $180 million stake in Beast Industries, and a $117 million stake in Eightco Holdings, the Worldcoin treasury company trading under ORBS. Cash and marketable securities totaled $643 million. These disclosures show staking remains an important income source alongside the company's accumulation strategy, while its balance sheet also includes other cryptocurrencies, corporate investments, and liquid assets.
ETF withdrawals temper the demand picture
US spot Ethereum ETFs recorded approximately $138 million in net outflows last week, according to SoSoValue data, following four consecutive days of negative flows. The outflows continued on Monday, with $50 million withdrawn from the funds. These figures provide a counterweight to BitMine's continued buying and Ethereum's strong quarterly performance.
The contrast does not establish a uniform shift in institutional sentiment. It shows that one major corporate buyer is increasing its holdings while investors in another channel are withdrawing capital. A return to sustained ETF inflows would offer additional support for demand, particularly as ETH attempts to break above nearby resistance.
Ethereum holds support as buyers eye $2,790
Ethereum held support near $2,657 over the weekend and into Monday after encountering rejection around $2,790 on Friday. The 20-day exponential moving average sits just below that support, adding another technical reference. A break lower could expose $2,550 and the 50-day EMA, followed by $2,432. On the upside, clearing $2,790 would bring $2,880 and then $3,066 into focus.
The Relative Strength Index remains near 59, suggesting bullish momentum after easing from overbought conditions. CoinGlass recorded $22.5 million in liquidations over 24 hours, including $12.9 million in longs. For now, ETH's range remains intact, with support holding but an upside breakout still unconfirmed.
This article is for informational purposes only and does not constitute financial advice.
