BitMine Adds More ETH as Ethereum Price Posts Strongest Weekly Close in 8 Months

BitMine Immersion Technologies increased its Ethereum holdings by purchasing another 17,362 ETH over the past week. The company’s total Ethereum treasury has now exceeded 6 million ETH, valued at about $16.2 billion. BitMine continues its Ethereum accumulation strategy that began in June 2025.

Ethereum price recorded its strongest weekly close in eight months, according to crypto analyst. The asset also closed above the 1-week 50 moving average for the second consecutive week.

BitMine Expands Ethereum Treasury

BitMine now holds 6,001,302 ETH, representing about 4.9% of the estimated 122.1 million ETH supply. The company said the latest purchase moves it closer to its goal of holding 5% of Ethereum’s supply.

The company reported 5,067,309 ETH staked, accounting for about 84% of its total Ethereum holdings. BitMine valued the staked position at approximately $13.7 billion using an ETH reference price of $2,698.

BitMine said its Ethereum staking operations generated a seven-day annualized yield of 2.62%. The company also reported projected annualized staking revenue of about $358 million based on current figures.

The latest acquisition follows a series of weekly ETH purchases. BitMine said it has bought Ethereum every week since launching its treasury strategy on June 30, 2025.

Ethereum Price Holds Above Key Support

Ethereum price continues to trade near the $2,685 level after recovering from its recent pullback, with the weekly chart showing ETH moving back above the 50-week moving average.

The recovery has pushed price away from the $1,505.68 cycle low, while the latest candles suggest buyers are attempting to maintain control near the current range.

The weekly structure shows ETH approaching a key decision area after breaking above the descending moving average curve. Holding this zone could allow Ethereum price to continue building momentum, while a rejection near current levels may lead to another consolidation phase before the next directional move.

Another analyst noted that Ethereum has been consolidating within an accumulation range for more than five years, with the current structure resembling a long-term base formation. Ted Pillows highlighted that ETH could see a strong upside move if it breaks above the multi-year accumulation range.

The analyst’s Ethereum price prediction projected a potential price target of $12,000 to $15,000 by 2029.

Ethereum Momentum Indicators Stay Positive

Daily technical analysis shows that Ethereum’s price is maintaining a bullish setup, trading above the short- and long-term exponential moving averages. The RSI near 63 and Stochastic Oscillator around 73 indicate positive momentum, although both indicators have cooled from previous overbought conditions.

Analysts identify the $2,786 area as an important resistance zone, with a sustained move above this level potentially opening room toward higher barriers.

On the downside, the $2,600 region acts as a nearby support area, while deeper buying interest could appear around the lower support zones if selling pressure increases.

BitMine’s expanding Ethereum holdings add another institutional treasury development as ETH crypto trades near its recent recovery range. The company’s treasury strategy now includes more than 6 million ETH, alongside Bitcoin holdings, cash, and other investments.