BitMine Adds $70M in Ethereum (ETH), Nears 5% of Total Supply

Ethereum News

Ethereum (ETH) treasury firm BitMine Immersion Technologies added roughly $70 million in ETH over a single 24-hour window, on-chain data shows, pushing its holdings toward a self-imposed target of 5% of the entire circulating supply. The purchase, tracked by wallet analysts, follows the company's disclosure of 42,197 ETH bought the prior week and marks another step in an aggressive accumulation campaign led by chairman Tom Lee. BitMine now ranks among the largest corporate holders of the second-biggest cryptocurrency by market value, and the pace of buying has visibly accelerated as the firm closes in on its supply milestone.

According to the company's own investor-relations disclosure dated July 6, BitMine held 5,742,237 ETH as of July 5, alongside 206 bitcoin, a $180 million equity stake in Beast Industries, a $71 million position in Eightco Holdings, and $527 million in cash and marketable securities. Combined, the crypto and cash reserves total about $11.1 billion. On-chain trackers logged an additional net increase of 67,886 ETH — worth roughly $201 million — inside a separate 24-hour stretch, underscoring how quickly the treasury is expanding beyond the figures captured in the last formal report.

That accumulation leaves BitMine holding roughly 4.8% of all circulating ETH, less than 300,000 tokens short of its stated 5% supply goal. If the current buying cadence holds, the company could cross that threshold before August, a pace that would cement its position as the single largest publicly traded corporate holder of Ethereum. For a large-cap asset like ETH — not a thinly traded altcoin — concentrating that share of supply on one balance sheet is unusual, and it introduces a structural demand sink that removes tokens from active circulation.

Lee has tied the buying spree to rising odds that the United States passes the Clarity Act, legislation that would codify how digital assets are classified and split oversight between the SEC and CFTC. He noted that prediction-market implied probability for the bill's passage has climbed to roughly 50%, a two-week high, which he reads as growing investor conviction that crypto will gain a clearer regulatory framework. Ethereum, as an infrastructure-layer asset that anchors rollups and zero-knowledge privacy networks, would stand to benefit disproportionately from such clarity, sharpening its institutional appeal relative to Bitcoin in Lee's thesis.

Beyond simply holding, BitMine has more than 4.8 million ETH deployed in staking through its own MAVAN platform and related infrastructure, a position worth roughly $8.5 billion at current prices. Staking — locking tokens to help secure the proof-of-stake network in exchange for yield — lets the treasury earn a recurring return on top of any price appreciation. This hold-plus-stake-plus-accumulate approach is the sharpest structural contrast with pure Bitcoin treasury models, which cannot generate native yield. It also means a large slice of BitMine's balance sheet is actively working rather than sitting idle on the books.

The buying arrives as Strategy, the Michael Saylor-led firm formerly known as MicroStrategy, faces scrutiny over its market-net-asset-value slipping below one — a level that can signal the stock trades at a discount to its underlying Bitcoin holdings and invite arbitrage pressure. BitMine's aggressive ETH purchases in the same week highlight a widening split in the corporate-treasury narrative: a Bitcoin path versus an Ethereum path, each shaped differently by asset choice, staking mechanics, and regulatory positioning. For a market wary of a prolonged bear market, the divergence signals that treasury strategy is no longer one-size-fits-all.

Our reading of COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the setup with ETH near $1,738 after a 2.23% decline — still far below its all-time high. The engine rates the $1,831 resistance at 71/100, driven by the confluence of Ichimoku Senkou B and a high-volume node, with a nearer 65/100 barrier at $1,773 from the prior-day close and R1. Immediate support scores a strong 79/100 at $1,713, anchored by the 20-period EMA and S1. Derivatives show a positive 0.0019% funding rate, $6.57 billion in open interest, and a 2.16 long/short ratio (68.4% long) — a crowded posture that risks a squeeze. With the Fear & Greed Index at 20 (Extreme Fear) and RSI near 51, a hold above $1,713 keeps a reclaim of $1,831 in play; a decisive break below invalidates that thesis and exposes $1,615.