Bitmine Buys 12,500 Ethereum (ETH) for $33.65M From BitGo

Bitmine Adds 12,500 ETH

Bitmine bought and took delivery of 12,500 Ethereum (ETH), a $33.65 million purchase settled through custodian BitGo, per the on-chain record of the transfer. The delivery lifts the company's Ethereum treasury to 4.9% of the network's total 122.1 million coin supply, a figure disclosed together with the wallet address that received the coins. The Ethereum (ETH) price sits near $2,679, down about 1.1% over the past 24 hours, which places the fill modestly above the current market. Confirmation landed at 01:05 UTC on Wednesday, October 7, and the 12,500 coins mark the delivery leg of an accumulation plan still climbing toward a stated share of supply.

BitGo handed over the full 12,500 coins to a single wallet, 0xE0cd1fB17A9FB62d2410403cDC28b11AcD1e8e22, where the receipt is visible on-chain. Because the transfer settled directly on Ethereum rather than through an exchange order book, the fill can be verified coin by coin instead of inferred from market data. The address was disclosed alongside the transaction, giving the market a fixed marker for future movement of the stack, including any later staking or redeployment.

The 5% Supply Target

The 4.9% share leaves Bitmine 0.1 percentage points short of the 5% supply threshold named in its Alchemy accumulation plan. At the fixed 122.1 million supply, that gap equals roughly 122,100 Ethereum (ETH), about $327 million at current prices. The company's own disclosures put the goal at 5%, and the latest $33.65 million buy was executed while the balance still sits just below the line. Crossing it would mean one in every twenty coins in circulation held by a single corporate treasury.

Ethereum's 122.1 million coin supply is capped by protocol design and secured through proof of stake, so a 4.9% corporate position equals about 5.98 million coins. At the live price near $2,679, that stack is worth close to $16 billion. Treasury-scale positions of this kind are typically paired with staking deployment to earn protocol yield, though the disclosure lists only the receiving address, not what Bitmine intends for the newly delivered coins.

Near $2,692 Fill Price

The fill price of the latest buy works out to about $2,692 per coin, dividing $33.65 million by 12,500, roughly 0.5% above the $2,679 spot print. COINOTAG's live anchor shows the price at $2,679, down 0.6% since the 01:05 UTC delivery report and 1.1% on the day, so the accumulation was filled near, not below, the current level. The near-spot fill is consistent with a negotiated custody transfer through BitGo rather than a market sweep of the order book.

The accumulation lands on a mixed tape. Earlier coverage documented a record $19.9 billion outflow wave from Ethereum (ETH) spot ETF products, led by BlackRock's ETHA, while a separate report showed Binance users trimmed Ethereum holdings by 4.61% in September, based on proof of reserves. Against those outflows, a treasury buyer adding $33.65 million in one delivery is the offsetting bid. Whether Bitmine's next step closes the 122,100 coin gap decides when the 5% line is crossed.

$2,792 Ceiling in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $2,669 support at 95/100, driven by the confluence of EMA 20, the S2 pivot and a Fibonacci retracement level at 0.114. Overhead, the $2,792 resistance carries a 78/100 score from Bollinger Band upper, Fibo 0.000, ATR upper and VWAP +2SD, while $2,717.72 (68/100, R1 and Ichimoku Tenkan) is the nearer ceiling. RSI prints 59.21 with a bearish MACD inside an uptrend. Funding at 0.0056%, open interest near $11.63 billion and a 1.56 long/short ratio (60.9% long) tilt positioning long, and the Fear & Greed index at 71 (Greed) supports that read. A daily close below $2,669 would invalidate the constructive case and open the moderate $2,575 shelf, with the full level map in our Ethereum technical analysis.