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Bitmine just loaded up on nearly 30,000 more Ethereum tokens, pushing its treasury toward a staggering size that rivals its entire stock market value. But the real question is whether this buying spree moves the price of ETH or simply…
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Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) added 28,086 Ethereum over the past week, lifting its Ethereum (CRYPTO:ETH) treasury to 5.93 million tokens and its total crypto and cash holdings to $15.7 billion as of September 8, 2026. With Ethereum trading around $2,500, the company’s ETH portfolio alone is worth nearly $15 billion, while the larger figure also includes cash and other crypto assets.
BMNR is trading at $24.97, up 35.49% over the past month but still down 40.8% over the past year. At roughly $15.06 billion, its market value is now close to its crypto holdings. If Bitmine keeps buying Ethereum at this pace, does the buying eventually push ETH higher, or does the bigger impact show up in BMNR’s stock instead?
How Bitmine’s Treasury Model Works
A crypto treasury company raises money in the public markets and uses it to buy digital assets for its balance sheet. That makes the stock a leveraged bet on the coin because shareholders are exposed to both the treasury’s value and the underlying asset’s performance. When Ethereum rises, the value of Bitmine’s holdings rises with it, which can push BMNR higher. When ETH falls, the same exposure works in reverse, and the stock can take a bigger hit.
The way Bitmine funds its purchases also affects what existing shareholders own. If the company uses cash already on its balance sheet, shareholders keep the same claim on the treasury. If Bitmine issues new shares to raise money for more ETH, the treasury gets bigger, but so does the number of shares competing for it. The strategy only works for existing shareholders if the additional ETH adds enough value to offset that dilution.
Bitmine’s mining operation is based at its Silverton, Texas facility, where it runs 4,640 machines and generates roughly $1.2 million a quarter. The company has since shifted its focus heavily toward Ethereum, with MAVAN, its Made in America Validator Network, launching on March 25, 2026. The platform allows Bitmine to stake its ETH and earn fees from the treasury, with Tom Lee estimating that fully staking the holdings could generate about $374 million a year.
Bitmine’s Buying Is Not the Same as Ethereum Demand
Bitmine holding 5.93 million ETHremoves a meaningful amount of supply from the market, which can support the price at the margin if the company continues accumulating. But one company buying heavily does not prove that demand for Ethereum is spreading across the wider market. ETH still depends on broader capital flows, ETF activity, and overall liquidity, with Bitmine’s purchases representing just one part of that picture.
There is also a limit to what can be inferred from the size of Bitmine’s treasury. The company is accumulating ETH for its own balance sheet and staking strategy, but that does not mean other businesses are preparing to use ETH for payments, settlement, or network fees.
The release does not identify a settlement asset, partner network, or fee-sharing arrangement that would create additional demand for ETH, so Bitmine’s buying should be viewed as one large buyer accumulating the asset, rather than evidence of a broader corporate adoption trend.
Tom Lee’s $6,000 Ether Forecast Comes With a Conflict to Consider
Tom Lee said on August 28, 2026, thatEthereum could reach $6,000 by the end of the year if <a href="https://xpertsstudio.com/why-is-xrp-outperforming-<a href="https://xpertsstudio.com/get-ready-for-friday-as-this-bitcoin-price-swing-pattern-gets-tested/” title=”Get Ready for Friday as This Bitcoin Price Swing Pattern Gets Tested”>bitcoin-today/” title=”Why Is XRP Outperforming Bitcoin Today?”>Bitcoin climbs to $150,000and the ETH-to-BTC ratio rises from around 0.03 to 0.04. However, Lee’s work at Fundstrat and his role at Bitmine both stand to benefit from a stronger Ethereum price, so his $6,000 target is worth considering alongside the incentives.
Bitminehas been buying heavily into an asset that has suffered a sharp longer-term decline. The company’s Q4 FY25 disclosure showed that ETH had fallen roughly 50% from its ATH of $4,953 reached in August 2025, creating unrealized losses on the treasury. Bitmine still reported $328.16 million in FY2025 net income and fully diluted earnings of $13.39 per share, but the value of its massive ETH position will continue to move with the coin.
If Lee’s forecast is right, those purchases could look very different by year-end. If ETH falls further, the size of the treasury also means the losses could grow quickly.
Does This Move ETH, or Just BMNR?
Bitmineis building one of the largest corporate ETH treasuries through a listed company, and BMNR’s market value now sits close to the value of its crypto holdings, giving shareholders high-beta exposure to Ethereum while adding potential staking income through MAVAN.
For ETH holders, the case is less convincing because Bitmine’s purchases remove some coins from the market but do not create the kind of broad demand that can sustain a global asset on its own. The bigger question is whether other buyers follow, particularly through ETFs and institutional channels, while Ethereum continues to attract demand from staking and network activity.
The key questions are whether Bitmine keeps buying ETH at this pace, how much of the buying comes from new shares, and whether the ETH-to-Bitcoin ratio moves from 0.03 toward Lee’s 0.04 target. If those three factors move in Bitmine’s favor, BMNR could benefit significantly from an Ethereum recovery.
For now, the stronger case is that Bitmine’s strategy could move BMNR more than it moves ETH.
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Sam Daodu is a crypto analyst who’s spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining “the cloud” was peak innovation). Since 2018, he’s written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think “gas fees” is a typo. When he’s not writing or staring at charts, Sam’s either: – Watching anime (currently convinced One Piece has better tokenomics than most altcoins) – At the gym sculpting himself into a Greek god – Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
Source: 247wallst.com