Bitmine purchased another $69 million of ETH, with Tom DeMark expecting price uptrend to soon resume
Bitmine purchased an additional $69.4 million worth of Ethereum (ETH), increasing its total holdings to nearly 6 million ETH as it nears its accumulation target. This latest acquisition continues Bitmine's weekly investment strategy since June 2025, with capital markets adviser Tom DeMark indicating that technical indicators suggest an imminent resumption of ETH's price uptrend.
Why it matters
This significant and consistent institutional investment in Ethereum by Bitmine, coupled with a positive technical outlook from a prominent market adviser, signals strong confidence in ETH's future performance and could influence broader cryptocurrency market sentiment.
The purchase, worth about $69.4 million at Tuesday’s ether price of $2,472, lifted Bitmine’s holdings to 5,929,198 ETH.
That leaves the company roughly another 171,000 ETH short from reaching its accumulation target.
Bitmine has bought ETH every week since launching its Ethereum treasury strategy in June 2025. The latest haul slowed from 53,501 ETH the previous week, though the company continues to close in on its accumulation target.
Maintaining last week’s pace, that could occur in less than seven weeks.
The purchase came as the company remain upbeat on ETH after the token traded mostly sideways over the past two weeks near the $2,400-$2,500 levels, digesting its 35% rally in only a few days in mid-August.
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said his technical indicators point to another potential move higher in the coming weeks.
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