BitMine Lifts Ethereum Holdings to 5.7 Million ETH, Nears 5% Supply Goal

Ethereum News

BitMine Immersion Technologies has grown its Ethereum (ETH) position to 5,700,010 ETH, the company confirmed in its June 29 holdings update, cementing its status as the largest corporate holder of the second-ranked cryptocurrency. The investor-relations disclosure shows the firm added 27,084 ETH over the prior week and now carries roughly $9.8 billion in combined crypto and equity assets. Beyond its ether stack, BitMine reported 206 Bitcoin, a $180 million stake in Beast Industries, a $74 million position in Nasdaq-listed Eightco Holdings, and about $555 million in cash and liquid securities. The accumulation continued even as ETH slid through a difficult week.

The latest purchase pushes BitMine to roughly 4.7% of Ethereum’s circulating supply, which the company benchmarks against a total of about 120.7 million ETH. That leaves the treasury at 94% of the target set by its Alchemy of 5% strategy, an initiative to accumulate 5% of all outstanding ether. Reaching 94% within eleven months of launch underscores how aggressively the firm has deployed capital during the ongoing downturn. Chairman Tom Lee framed the buying as a long-term conviction play, arguing that concentrated ownership of a scarce, yield-bearing asset positions BitMine to benefit disproportionately if Ethereum demand recovers across staking and settlement use cases.

A large share of that ether is already generating yield. BitMine disclosed that 4,879,157 ETH — worth about $7.7 billion at the $1,569 price it cited — is actively staked, much of it through MAVAN, the company’s proprietary institutional staking network launched on March 25. Staking locks ETH to help secure the network in exchange for protocol rewards, turning an otherwise idle treasury into a recurring income stream. The scale of the position makes BitMine one of the most significant single validators on Ethereum, and it signals a bet that staking yield can offset mark-to-market pressure during a prolonged bear market.

Tom Lee acknowledged that the past week was punishing for Ethereum holders, noting that ETH fell roughly 8% over the stretch. He attributed part of the weakness to end-of-quarter window dressing, the practice in which fund managers trim underperforming assets before reporting periods close to tidy their books. With June 30 marking a quarter-end, Lee suggested that mechanical selling — rather than a fundamental shift in Ethereum’s outlook — helped drive the decline. His remarks position BitMine’s continued accumulation as a deliberately contrarian stance, buying into forced, calendar-driven supply that he expects to reverse once the reporting window passes.

BitMine has leaned on capital markets to fund its Ethereum ambitions. The company completed a public offering of 3.5 million shares of 9.50% Series A perpetual preferred stock at $80 apiece in early June, with the securities now trading on the NYSE under the ticker BMNP. Its common stock trades as BMNR, and the firm says it ranks as the world’s largest publicly traded holder of ether. Among crypto treasury companies of any kind, BitMine describes itself as second only to Strategy, the Bitcoin-focused firm led by Michael Saylor. That positioning makes BitMine the clearest equity-market proxy for institutional Ethereum exposure.

Ethereum’s spot market, meanwhile, remains locked in a broader downtrend and far below its all-time high. ETH has been defending a support band between roughly $1,450 and $1,550 after breaking below the former $1,850 support and failing a retest. On shorter time frames, the token pushed above a descending trendline that had capped the recent sell-off — the first constructive shift in its near-term structure — yet still trades beneath resistance near $1,750. Ethereum, the largest smart-contract network hosting most automated market maker liquidity, needs a decisive reclaim of that level to open a path toward the $1,850 zone. Until then, weak spot demand keeps the recovery thesis fragile for the altcoin.

COINOTAG’s proprietary 42-indicator composite scoring engine rates the $1,614 resistance at 76/100 — the strongest overhead barrier — anchored by the confluence of the prior-day high, Ichimoku Tenkan and the R3 pivot, with the $1,679 Ichimoku Kijun level scored 62/100 above it. On the downside, our engine grades the $1,506 support at 72/100, drawn from the lower Keltner and Bollinger bands and the Donchian floor. Derivatives look bullish yet crowded: a 3.43 long/short account ratio (77.4% long) against $5.83 billion in open interest and a positive 0.0053% funding rate flags over-leveraged longs vulnerable to a squeeze. With RSI at 35.32 and the Fear & Greed Index at 11 (Extreme Fear), a daily close below $1,506 would invalidate the stabilization thesis and expose $1,244.