Bitmine Lifts Ethereum Treasury to 5.70 Million ETH, Nearing 5% Supply Goal

Ethereum News

Bitmine Immersion Technologies has lifted its Ethereum (ETH) treasury to 5,700,040 ETH, the company confirmed in an investor-relations disclosure on June 29, 2026. The position represents roughly 4.7% of Ethereum's circulating supply of about 120.7 million tokens, making the NYSE-listed firm, which trades under the ticker BMNR, one of the largest corporate holders of the altcoin. Bitmine pegged the combined value of its crypto, cash, securities and strategic investments at 9.8 billion dollars as of June 28. Valued at the 1,569 dollar reference price cited in the disclosure, the Ethereum stake alone is worth close to 8.94 billion dollars.

A substantial portion of that hoard is generating yield rather than sitting idle. The company disclosed that 4,879,157 ETH — more than 85% of its total position — is actively staked, securing the network in exchange for protocol rewards. Staking, the process of locking tokens to validate transactions on Ethereum's proof-of-stake chain, has become a recurring revenue line for large treasuries and a buffer against price drawdowns. At the 1,569 dollar reference, the staked tranche alone exceeds 7.6 billion dollars in value. Management framed staking income as a potential new growth avenue, layering on-chain yield atop the firm's accumulation strategy as it scales its balance sheet.

The accumulation drive carries an explicit target. Bitmine has branded its plan to control 5% of all Ethereum the “Alchemy of 5%,” and the company says it is now 94% of the way there. Reaching that threshold would require roughly 6.04 million ETH against the current supply. The firm also confirmed it was added to the Russell 1000 large-cap index on June 26, 2026, a milestone that broadens its exposure to passive institutional capital. Chairman Tom Lee tied the strategy to two structural tailwinds: the migration of legacy Wall Street infrastructure onto crypto rails and the convergence of AI-driven payment systems, including the rise of the AI Crypto Wallet, with blockchain settlement.

While corporate treasuries accumulate, some of Ethereum's earliest holders are heading the other way. On-chain data shows four wallets that had sat dormant for nearly eight years reawakened last week, offloading 33,623 ETH across roughly four hours at an average price near 1,560 dollars. The cluster originally received 37,602 ETH in 2018 at an average cost of about 830 dollars, a 58.66 million dollar entry at the time. The recent sales generated approximately 52.5 million dollars in proceeds and around 27.4 million dollars in realized profit, according to blockchain records, marking the first movement from these addresses in their entire holding history.

The more striking detail is what these holders left on the table. During the 2021 and 2025 bull markets, the unrealized profit on the same stack once exceeded 150 million dollars — more than five times what the wallets ultimately banked. Ethereum printed an all-time high of roughly 4,946 dollars in August 2025 before grinding lower, and by the time the OGs sold, the price had slipped beneath 1,560 dollars. The episode underscores how punishing the current drawdown has been even for conviction holders, and how the gap between paper gains and realized gains widens sharply when long-term wallets fail to trim into strength.

The awakening is not isolated. On-chain trackers have logged a string of ancient wallets stirring back to life as the market corrects. In March, an investor who had held Ethereum for a decade sold roughly 31 million dollars' worth through an exchange, and in April another participant from Ethereum's original ICO moved 10,000 ETH to a fresh address after more than ten years of inactivity. The recurring pattern — multi-year holders rotating out during weakness rather than euphoria — has fueled speculation that further early-stage supply could reach the market if the slide deepens through the current bear market.

COINOTAG's proprietary 42-indicator composite scoring engine rates immediate resistance at 1,660 dollars a STRONG 75/100, built on the confluence of the R1 pivot, Ichimoku Senkou A and the 20-period moving average, with a second barrier at 1,710 dollars scoring 69/100. On the downside, the engine flags 1,615 dollars as STRONG support at 69/100, anchored by a Fibonacci 0.114 retracement and a high-volume node. Derivatives data shows a positive 0.0056% funding rate, 6.13 billion dollars in open interest and a long/short account ratio of 2.53 — 71.7% of accounts positioned long. With the Fear & Greed Index at 12 (Extreme Fear) and RSI near 39.8, a sustained break below 1,548 dollars would invalidate the bullish recovery thesis.