BitMine's Massive ETH Purchase Can't Boost Price Above $2,700

Despite signs of institutional demand for Ethereum, the cryptocurrency remains stuck below $2,700. BitMine Immersion Technologies has continued to purchase ETH, accumulating over 6 million tokens and valuing its position at roughly $16.2 billion as of September 27.

The company's holdings represent about 4.9% of an estimated 122.1 million ETH supply, with Chairman Tom Lee stating that institutions remain underexposed to crypto and could increase their allocations in the final months of 2026.

BitMine has also put much of its treasury to work through staking, reporting $358 million in annualized staking revenue at its current scale. In addition, US spot Ethereum exchange-traded funds recorded approximately $689.9 million in net inflows in the week ending September 25, with continued inflows on Monday.

Ethereum fell below $2,700 as geopolitical tensions and rising US Treasury yields weighed on the market. Technical analysis suggests that ETH faces resistance at $2,786 before potentially reaching higher levels of $2,894 and $3,177.