BitMine bought 53,501 ETH, lifting holdings to 5.9 million
Ethereum trades near $2,450, down 0.4% in 24 hours, capped below $2,500. BitMine Immersion Technologies extended its 65-week ETH buying streak with a weekly addition of 53,501 ETH, its largest since June, lifting holdings to 5.901 million ETH worth about $14.63 billion.
TOM LEE BOUGHT $134M OF ETH
This was Bitmine’s biggest weekly ETH buy in over 2 months. They now hold $14.35B of ETH, or 4.89% of the total ETH supply.
They only need to buy $324.5M more of ETH to reach 5% of supply. pic.twitter.com/LMBPk7i4hb
— Arkham (@arkham) September 1, 2026
Chairman Thomas Lee cited ETH’s Q3 outperformance versus the S&P 500 by 5,430 basis points and pointed to the mid-September Senate cloture vote on the CLARITY Act as a potential institutional catalyst. BitMine’s accumulation aligns with a 5.067 million ETH stake in its MAVAN validator network, estimated to generate $335 million in annualized staking revenue.
Price Levels and Scenarios
$ETH has been stuck between the $2,400-$2,500 level.
For more upside, Ethereum needs a weekly close above the $2,550 level. pic.twitter.com/IzM6ko9sgv
— Ted (@TedPillows) September 1, 2026
Spot: $2,474.53. Resistance: $2,484–$2,500 and $2,540–$2,580. Support: $2,400–$2,410, with a deeper floor near $2,326 at the 23.6% Fibonacci retracement and the 20-day moving average. Volatility spiked on August 31 then eased into consolidation.
- Bull case: break and hold above $2,500–$2,550 could target $2,650, supported by treasury accumulation and possible CLARITY Act momentum.
- Base case: range persists between $2,400 and $2,500 pending the Senate vote.
- Bear case: a loss of $2,400 exposes $2,247–$2,030 where major moving averages converge. Tom Lee’s $6,000 by 2026 target is long-term and not determinative for near-term range.
Market Positioning Beyond ETH
BitMine’s purchases reinforce long-term ETH demand. With a $14.63 billion treasury and broad institutional interest reflected in market capitalization, incremental upside from this single-buyer dynamic may be reduced compared to earlier accumulation phases.
Early-cycle narratives focus on Bitcoin infrastructure plays. Bitcoin Hyper ($HYPER) markets itself as a Bitcoin Layer 2 integrating the Solana Virtual Machine to target higher execution speeds while settling to Bitcoin. The presale reports $33,092,631.38 raised at $0.0136855 per token with high but unspecified staking APY. A Decentralized Canonical Bridge is presented as its mechanism to address Bitcoin’s programmability, speed, fee, and smart contract limitations.
This content is informational and not financial advice. Cryptocurrency markets are highly volatile. Conduct independent research before making investment decisions.
