Bitmine Hits 5.77 Million ETH, Nearing 5% Ethereum Supply Goal

Ethereum News

Bitmine Immersion Technologies, the former Bitcoin miner reborn as the largest corporate Ethereum (ETH) accumulator, now holds 5.77 million ETH after its latest weekly purchase. The company's investor-relations disclosure confirms the stack equals roughly 4.8% of the 120.7 million ETH in circulation — placing it at 96% of its stated goal to control 5% of total supply. Combined crypto and cash holdings reached $11.3 billion. The accumulation cements Bitmine as the single biggest institutional holder of the second-largest altcoin, an aggressive treasury strategy that concentrates a meaningful share of Ethereum's float on one corporate balance sheet.

Despite the milestone, Bitmine's NYSE-listed shares (BMNR) trade near a 52-week low, a striking divergence from its swelling token pile. The stock changed hands at $14.49 on July 13, below the prior close of $14.96 and deep within a 12-month range that spans $12.80 to $71.74. The company's market capitalization sits around $7.8 billion — below the market value of the Ethereum it carries on its books. That discount means public-equity investors are pricing the vehicle beneath its net asset value, a warning sign that the treasury model's premium has evaporated in the current bear market.

The gap between conviction and cost is stark. Bitmine's average acquisition price sits near $3,997 per ETH, while the token traded around $1,820 in the sessions covered by the filing — leaving the firm nursing an estimated $9 billion unrealized loss on its holdings. Rather than trim exposure, management has continued to hold every coin, treating the drawdown as a paper mark against a long-horizon thesis. The scale of the loss underscores the risk embedded in leveraged accumulation strategies: a treasury that looked visionary near Ethereum's highs now sits far below its cost basis, well off the asset's all-time high.

The pace of accumulation is visibly cooling. On-chain data shows Bitmine added 27,801 ETH over the past week, down sharply from 42,197 the week before — a roughly one-third reduction that suggests tighter capital discipline as the drawdown deepens. Purchases of this size still move the needle for daily demand, but the deceleration signals the company is buying smaller tranches rather than pressing its bid. For a firm 96% of the way to its 5% target, the final stretch may prove the slowest, as financing conditions tighten and the equity that funds these purchases trades at a discount to the underlying tokens.

Funding the strategy increasingly leans on structured capital. Bitmine's balance sheet now carries new obligations, including Series A Perpetual Preferred stock listed on the NYSE under BMNP. The company had targeted up to $300 million from the offering and ultimately raised roughly $273.8 million from the sale of those preferred shares. Tapping perpetual preferred equity lets Bitmine raise cash without diluting common holders as heavily, but it layers fixed obligations onto a treasury already sitting on large unrealized losses. The move illustrates how ETH-accumulation vehicles are turning to more complex financing as straightforward equity raises become harder in a softer market.

Chairman Tom Lee remains emphatically bullish on Ethereum's long-term trajectory, citing two structural tailwinds: accelerating tokenization of traditional financial assets and rising demand for blockchain infrastructure from artificial-intelligence applications. Lee also pointed to Robinhood Chain, an Arbitrum-based layer-2 appchain launched on July 1 that uses ETH as its native gas token, as a breakout adoption story. The network has already cleared more than $1 billion in cumulative volume and, by Lee's account, now records more activity than any automated market maker-based decentralized exchange. With Robinhood's 27 million users paying fees denominated in ETH, Lee argues ordinary users are beginning to treat Ethereum as money.

Our reading of COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the near-term battle around the $1,767 spot. The engine rates the $1,742.97 support at 100/100, its strongest tier, driven by the confluence of the ATR Lower band, a low-volume node, the Ichimoku Kijun and the EMA 20 — the line bulls must defend. Overhead, the $1,799.32 resistance also scores 100/100 on EMA 50 and Pivot Point clustering, capping any bounce. Derivatives read cautiously constructive: funding is near-flat at 0.0009%, open interest holds at $6.79 billion, and a long/short account ratio of 2.04 shows 67% of traders positioned long. With RSI at 52 and the Fear & Greed Index at 28 (Fear), a daily close below $1,742 would invalidate the bullish case and open the $1,625 support.