BitMine Immersion Technologies has purchased another 53,501 ETH, lifting its Ethereum treasury to 5,901,112 tokens worth about $14.54 billion at the time of writing.

BitMine’s Ethereum holdings have reached 5.9 million ETH

BitMine Immersion Technologies said in its latest treasury update that it held 5,901,112 ETH as of Aug. 30, after buying 53,501 tokens during the preceding week.

“Over the past week, we acquired 53,501 ETH,” Chairman Tom Lee said.

Using the company’s reference price of $2,511, the Ethereum position was valued at approximately $14.82 billion when BitMine recorded the snapshot at 3 p.m. Eastern Time. Management said its ETH balance accounted for about 4.9% of Ethereum’s reported supply of 120.7 million tokens.

At the time of writing, CoinGecko data showed Ethereum trading near $2,464, down about 0.4% over 24 hours and 1.1% across seven days. Applying that updated price places BitMine’s ETH holdings at approximately $14.54 billion, although the value will move with the token’s market price.

The latest acquisition extended BitMine’s buying run to 65 consecutive weeks. According to Lee, the company has added ETH every week since it adopted the treasury strategy on June 30, 2025.

Buying accelerated compared with several earlier updates. Earlier crypto.news coverage showed BitMine adding 9,946 ETH in late July, taking its holdings to 5,787,414 tokens. Another 9,926 ETH entered the treasury during the week ending Aug. 16, followed by 32,447 ETH in the next reporting period.

BitMine previously identified ownership of 5% of Ethereum’s supply as its treasury target. Based on the company’s supply figure, 5% would equal about 6.04 million ETH, leaving the current balance roughly 134,000 tokens below that threshold.

In June, Lee indicated that buying could slow once the company approached its target. A previous treasury report placed the balance at approximately 5.54 million ETH, or 4.6% of supply, after BitMine acquired 25,000 ETH from BitGo.

Staked Ethereum could produce $335 million annually

Alongside the treasury expansion, BitMine reported that 5,067,309 ETH had been staked through its own infrastructure and outside validator partners. The position accounts for approximately 85.9% of its entire Ethereum balance.

At CoinGecko’s latest price, the staked tokens are worth about $12.49 billion. BitMine valued the same position at close to $12.73 billion using its Aug. 30 reference price of $2,511.

Management estimated that the deployed ETH could generate $335 million in annualized staking revenue. The calculation used a seven-day annualized staking yield of 2.63%, meaning the actual return can change with Ethereum’s validator participation rate, network rewards, operational performance and protocol conditions.

Once more of its ETH is deployed, Lee said annual staking revenue could reach $390 million under similar yield conditions. Around 833,803 ETH remains outside the reported staked balance.

BitMine launched MAVAN, short for Made in America Validator Network, in 2026 as its institutional Ethereum staking operation. Part of the company’s balance is already deployed through MAVAN, while partner validators handle another portion.

Staking has developed into a central revenue source for the company. A July treasury report said BitMine generated $45.7 million from staking and validation during the three months ended May 31, equal to about 98% of its $46.5 million in quarterly revenue.

The income also supports BitMine’s preferred-stock strategy. In June, the company declared a $0.1056 dividend on each share of its 9.50% Series A Perpetual Preferred Stock, traded on the New York Stock Exchange under the ticker BMNP. Lee previously said staking income could help finance payments on the preferred shares.

BitMine’s combined holdings stood at $15.6 billion

Beyond Ethereum, BitMine’s Aug. 30 disclosure listed 211 Bitcoin, a $180 million investment in Beast Industries and an $81 million stake in Eightco Holdings. Cash and marketable securities totaled $541 million.

Using the prices and valuations captured for the company’s update, BitMine placed the combined value of its crypto assets, cash, securities and strategic investments at $15.6 billion. The figure represents a dated company snapshot rather than a fixed balance because cryptocurrency prices and listed investments continue to fluctuate.

BitMine described itself as the largest reported corporate Ethereum treasury. Strategy, led by Executive Chairman Michael Saylor, remains the largest digital-asset treasury company by total asset value because of its Bitcoin holdings.

For U.S. investors, exposure is available through BitMine’s NYSE-listed common stock under the ticker BMNR, as well as its BMNP preferred shares. BMNR traded near $24.27 at the time of writing, up about 2% during the session, with an intraday range between $23.72 and $24.46.

Fundstrat previously found that BMNR had an 80% correlation with ETH in a study of 17 large-cap stocks, compared with 74% for Coinbase. The research did not disclose the period or return interval used for the calculation, and correlation can change as stock and cryptocurrency prices move.

BitMine’s latest five-session average daily dollar trading volume reached approximately $1.36 billion through Aug. 29, according to the company. Management said the figure placed BMNR among the most heavily traded U.S. stocks by dollar volume.

Concentrating much of the company’s reported value in Ethereum also creates risks for shareholders. BitMine’s quarterly SEC filing identifies ETH price volatility, liquidity constraints, unrealized losses, custody arrangements, counterparty exposure and changes to U.S. rules governing digital assets and staking as factors that could affect its results.

Ethereum price remains below the $2,550 resistance zone

Ethereum was trading near $2,464 at the time of writing, giving the token a market capitalization of approximately $297.3 billion, according to CoinGecko. Trading volume stood near $15.45 billion over 24 hours.

Price has remained below the $2,540–$2,550 resistance area after several failed attempts to sustain a breakout. A recent Ethereum technical analysis identified resistance near $2,533, where an ascending triangle and a concentration of leveraged positions created another test for buyers.

On the weekly chart cited in the supplied analysis, ETH sat between its 50-week exponential moving average near $2,374 and its 50-week simple moving average around $2,542. The two averages define the immediate consolidation range while the price remains below the upper boundary.

Crypto analyst Ted said a weekly close above $2,550 could clear a path toward resistance near $2,800. Under his downside scenario, losing the $2,370 area could expose the $2,180–$2,220 support zone.

Bitmine Immersion Technologies has continued to build its Ethereum position, extending a weekly buying streak to 65 consecutive weeks by adding 53,501 ETH over the past week. The company’s expanding treasury comes as a broader crypto market rebound has lifted the value of its digital-asset holdings, even as it remains exposed to large paper losses on its Ether purchases.

With the most recent transaction, Bitmine says it now holds more than 5.9 million ETH. Using an Ether price of $2,511 referenced for Sunday pricing, the holdings were valued at roughly $14.8 billion. Bitmine’s current stake represents about 4.9% of Ethereum’s circulating supply of 120.7 million ETH, putting it close to its stated objective of reaching a 5% ownership level.

Key takeaways

• Bitmine added 53,501 ETH last week, extending its Ethereum accumulation streak to 65 straight weeks.
• The company’s wallet now contains more than 5.9 million ETH, valued around $14.8 billion at an ETH price of $2,511 (Sunday reference).
• Bitmine’s stake is about 4.9% of Ethereum’s 120.7 million circulating supply, nearing its goal of 5% ownership.
• Unrealized losses remain substantial: DropsTab data places Bitmine’s paper loss on Ether at about $5.1 billion.
• Bitmine’s chairman, Tom Lee, highlighted ETH’s relative strength alongside BTC and Solana since June 30.

Ethereum accumulation pushes Bitmine toward its 5% target

Bitmine’s latest purchase reinforces a steady approach to treasury building: the company has been acquiring Ether nearly continuously on a weekly basis since its prior buying run began. This time, the addition of 53,501 ETH lifts the total holdings beyond the 5.9 million ETH threshold, narrowing the gap to the company’s stated ambition to hold 5% of Ethereum’s circulating supply.

On the figures reported, Bitmine’s 4.9% share of Ethereum’s circulating supply suggests the company is operating at a scale where small percentage movements can translate into very large absolute changes. The market relevance is straightforward: such concentrated holdings can become a focal point for investors tracking institutional-style Ethereum exposure through public equity.

Large unrealized losses persist despite market recovery

Even with the apparent tailwind from a broader market recovery, Bitmine’s balance sheet still reflects the cost of accumulating through a downturn. According to DropsTab data, the company is currently sitting on roughly $5.1 billion in unrealized losses on its Ether holdings.

These paper losses are consistent with the idea that Bitmine continued accumulating during a period when Ether and the broader crypto complex were under pressure. The source notes that the downturn began in the fourth quarter of last year, driving significant declines across crypto markets. In that context, the fact that Bitmine is still deep in negative unrealized territory helps explain why the share performance and narrative are likely to stay tied to how much of the recovery is sustained rather than how the portfolio performs in isolation.

For investors, the key nuance is that unrealized losses do not mean realized capital destruction—Bitmine’s approach appears to be holding rather than trading around market swings. But if volatility increases again, the magnitude of unrealized losses can also amplify skepticism about whether continued accumulation during risk-off periods is improving the long-term average entry or simply delaying recovery.

Chairman Tom Lee points to ETH outperformance since June 30

Bitmine chairman Tom Lee said Ether, Bitcoin, and Solana have been among the best-performing major assets since June 30, with ETH leading the gains. His comments frame the company’s accumulation strategy around relative performance and momentum in the market rather than a single catalyst.

Lee also argued that this setup could encourage institutions to add to crypto holdings. He linked that potential shift to what he characterized as crypto’s outperformance versus other macro assets in the third quarter so far.

While the statement is broad, it matters because it connects Bitmine’s actions—systematic accumulation—with a broader institutional thesis. Publicly traded vehicles that hold large crypto treasuries often get attention when the market believes institutions are reallocating. For readers, the question becomes whether ETH’s relative strength persists beyond short-term cycles, especially after a multi-month rebound.

Bitmine shares react as the ETH treasury expands

Bitmine’s NYSE-traded shares (BMNR) were up 1.3% on Monday morning, trading at $24.09 per share. Yahoo Finance data indicated the stock was positioned to end the month with close to a 40% increase, based on its performance at the time of reporting.

This matters for two reasons. First, the market is effectively pricing the continued expansion of Bitmine’s Ether exposure, which can influence investor sentiment toward companies holding crypto as a treasury asset. Second, because Bitmine still reports large unrealized losses, equity market reactions can serve as a barometer for whether investors are comfortable with drawdowns in exchange for a longer-term accumulation plan.

What to watch next for Bitmine and Ethereum exposure

Readers should watch whether Bitmine can continue its weekly pace without interruption and how quickly unrealized losses narrow as Ether’s price and broader risk sentiment evolve. Just as importantly, attention will likely focus on whether ETH’s recent relative outperformance—highlighted by Tom Lee—continues long enough to validate the “institutional re-risking” argument behind treasury building through volatile cycles.

Webull, the retail trading platform known for commission-free stocks and options, is taking a bigger step into digital assets by expanding its Canadian offering to include cryptocurrency trading. The move adds Canada to Webull’s existing crypto footprint, which already includes the United States, Australia, and Brazil.

According to Webull’s announcement, the company will use Coinbase’s Crypto-as-a-Service (CaaS) infrastructure for its Canadian crypto capabilities, with Coinbase handling the underlying trading and custody functions. Webull’s Canadian website currently lists 10 cryptocurrencies—among them Bitcoin, Ether, and Solana—while also indicating that additional assets may be available later.

Key takeaways

• Webull’s Canada launch brings cryptocurrency trading to a platform that already offers stocks, ETFs, and options for retail users.
• The service is powered by Coinbase’s Crypto-as-a-Service, with Coinbase providing trading and custody.
• Webull points to rising Canadian interest in crypto, citing Ontario Securities Commission research showing ownership growth.
• Canada’s regulatory work—including a federal stablecoin framework effort—remains a key backdrop for future product expansion.

Why Webull is adding crypto in Canada

Webull framed the expansion around increased retail engagement with digital assets in Canada. The platform referenced research from the Ontario Securities Commission (OSC), which it says indicates crypto ownership climbed to 25% this year from 10% in 2023.

The underlying message for investors and traders is straightforward: Webull is responding to demand for broader brokerage-style access to crypto, not just standalone exchanges. For Canadian retail users who already use Webull for traditional markets, the addition of crypto could reduce friction—bringing a familiar interface and account setup to a category that many consumers previously accessed through separate platforms.

Webull’s Canadian crypto offering currently shows 10 coins, including Bitcoin, Ether, and Solana. The site also signals that more assets may be offered, though the announcement does not specify which additional tokens are planned.

How Coinbase custody and trading infrastructure fits in

Webull’s approach in Canada relies on third-party infrastructure rather than building custody and execution systems from scratch. The company said its Canadian crypto offering will run on Coinbase’s Crypto-as-a-Service, with Coinbase responsible for both trading operations and custody.

For users, this structure matters because custody and execution are among the most operationally sensitive parts of any crypto brokerage experience. By outsourcing these elements, Webull can focus on front-end onboarding, account access, and the user experience, while Coinbase provides the infrastructure behind the scenes.

Canada’s regulatory momentum—and stablecoins in focus

Crypto product launches in Canada are unfolding alongside ongoing regulatory efforts to clarify how the industry should operate. Webull pointed to the broader picture: regulators are working on clearer rules, including a federal framework for stablecoins.

While Canada still lacks comprehensive rules for fiat-backed stablecoins, the Stablecoin Act—introduced after the 2025 federal budget—would establish requirements for both domestic and foreign issuers. This is a notable development because stablecoins are often central to on-ramps and trading ecosystems. When stablecoin rules are uncertain, exchanges and brokerage services can face additional constraints or hesitation around integration depth and asset selection.

The stablecoin framework also signals that Canadian regulators are moving toward more structured oversight, which can influence how quickly platforms expand beyond spot crypto and into additional product categories later on.

What Canadian users should watch next

With Webull adding crypto to a retail brokerage platform and running it via Coinbase’s custody and trading infrastructure, the immediate question for users is not just which coins are available today, but how the offering evolves. Webull’s website already lists 10 assets and indicates further availability, and investors should monitor for updates as the platform potentially expands its supported cryptocurrencies.

More broadly, readers may also want to track how Canada’s stablecoin regulatory efforts progress. As stablecoin requirements become clearer, platforms that rely on compliant issuance and oversight may have more room to broaden offerings—particularly for products that intersect with fiat settlement and trading liquidity.

HKDAP could move the Hong Kong dollar beyond payments and into cross-border settlement, corporate treasury management and tokenized finance as regulated stablecoins gain a role in Hong Kong’s on-chain financial system, according to a HashKey researcher.

HashKey senior researcher Tim Sun told crypto.news that the future role of Hong Kong dollar stablecoins, including HKDAP, could extend well beyond payments as financial assets increasingly move onto blockchain networks.

“From our perspective, the role of HKD stablecoins (including HKDAP) in the future will be more than just a new payment tool; more importantly, they will serve as a digital vehicle for the Hong Kong Dollar to enter the on-chain financial system.”

According to Sun, Asia’s large cross-border capital flows, established financial system and growing use of asset tokenization create several possible applications for regulated HKD-denominated stablecoins. He identified cross-border settlement, corporate treasury management, and digital asset trading as areas where tokenized HKD could be used.

Tokenized financial assets could create another use case because their subscription, redemption, and settlement require a compatible form of money, Sun said.

“Looking further ahead, as more financial assets move on-chain, the market needs not only on-chain assets but also a matching on-chain settlement currency,” he added.

HKDAP insurance tests provide an early use case

Insurance has already provided one of the first institutional environments for testing the token.

On Aug. 14, HashKey Exchange said it had completed a live HKDAP transaction with YF Life Insurance International using real funds. The exercise covered the stablecoin’s subscription and redemption process, while YF Life said it planned to support HKDAP premium payments in the future, subject to regulatory requirements.

Sun said the regulated nature of insurance makes it compatible with a stablecoin issued under formal regulatory oversight. Premium payments also offer a standardized and recurring transaction that institutions can use to test settlement infrastructure.

“The two announced cooperation cases indeed both have a background in insurance institutions,” Sun said.

“On one hand, insurance is a highly regulated industry, which aligns well with the positioning of a regulated stablecoin. On the other hand, from a business perspective, premium payment itself is a relatively clear, standardized, and high-frequency real-world scenario.”

HashKey has also partnered with insurer OneDegree to explore local and cross-border applications for HKDAP, adding another insurance-related test to the token’s early institutional rollout.

The activity follows Anchorpoint Financial’s controlled launch of HKDAP earlier in August. As previously reported, Anchorpoint appointed HashKey Exchange as an authorized distributor, allowing eligible institutions and professional investors to access minting, redemption, and fiat conversion during the beta phase.

HashKey had completed an initial minting and redemption transaction with eligible clients when the distribution arrangement was announced.

HKDAP use cases are extending into trade and treasury

Insurance is not the only financial activity being tested.

On Aug. 13, Unloq said its SC+ trade-finance infrastructure completed a Hong Kong transaction using HKDAP as the settlement instrument for a receivables-financing transaction. SC+ created a blockchain representation of the approved receivable, while HKDAP handled settlement within the workflow.

Sun said trade, corporate cross-border fund management, and tokenized assets are among the areas where stablecoins could provide additional utility.

“These fields inherently have strong demands for multi-currency, cross-timezone, and capital allocation capabilities, which better reflect the incremental value of stablecoins in on-chain settlement and cross-border fund management,” he said.

Institutional distribution has also continued to expand since HKDAP entered beta access.

Standard Chartered Bank (Hong Kong) became HKDAP’s first bank distributor on Aug. 24 and said it was working with eligible institutional clients on potential applications involving fund settlement, treasury management and cross-border trade payments.

Anchorpoint’s records show further additions to the distribution network during the final week of August. Finloop became an authorized distributor on Aug. 25, followed by Yunfeng Financial on Aug. 26, while Bank of East Asia signed an agreement with Anchorpoint on Aug. 28 to explore applications for the HKD-backed token.

HKDAP remains under Hong Kong’s regulated rollout

Despite the expanding list of institutional participants, HKDAP remains in a controlled rollout rather than unrestricted public distribution.

Anchorpoint began beta access on Aug. 12 for institutional distributors and professional investors, initially identifying cross-border payments, fiat conversion, and tokenized-asset settlement among its intended applications. The institutional rollout followed months of regulatory and technical preparation.

Before distribution began, Anchorpoint, OSL Group and Futu-backed PantherTrade tested HKDAP transfers on Ethereum mainnet in May. The Ethereum test covered the token’s transaction process after Anchorpoint received regulatory approval.

HKDAP has a par value of HK$1 per token, according to Anchorpoint’s whitepaper. Tokens in circulation must be supported by a reserve pool with a market value at least equal to the outstanding HKDAP, with the assets held in trust for token holders.

The regulatory foundation was established in April, when the Hong Kong Monetary Authority granted its first stablecoin issuer licenses to Anchorpoint and HSBC. The first licenses came under the Stablecoins Ordinance, which took effect in August 2025 and subjects covered issuers to requirements involving reserves, redemption, governance and risk controls.

Anchorpoint itself was formed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands after the companies participated in the HKMA’s stablecoin issuer sandbox.

HKD stablecoins could offer an alternative settlement currency

For Sun, one of the longer-term questions is whether tokenized financial activity should remain overwhelmingly dependent on dollar-denominated stablecoins.

“The significance of the HKD stablecoin lies in enabling the HKD to participate in this new financial infrastructure system, preventing on-chain finance from relying solely on USD stablecoins in the long run.”

The argument comes as the United States builds its own federal framework around payment stablecoins. President Donald Trump signed the GENIUS Act into law in July 2025, creating a federal regulatory structure for permitted payment stablecoin issuers.

U.S. regulators, however, missed the law’s July 18, 2026 deadline for completing key implementing rules, leaving several proposals unfinished ahead of the framework’s Jan. 18, 2027 effective date. U.S. rulemaking deadline

Treasury and other U.S. regulators have also proposed customer-identification requirements for certain permitted payment stablecoin issuers. Under the proposal, covered issuers would be treated as financial institutions for Bank Secrecy Act purposes and would need to verify customers in direct relationships, while secondary-market transactions generally would not trigger the same requirement.

Hong Kong’s framework, meanwhile, has placed HKDAP under HKMA supervision from issuance. Anchorpoint’s whitepaper states that the token is authorized for issuance in Hong Kong and may be distributed in other jurisdictions only in accordance with applicable local laws.