BitMine Expands Ethereum (ETH) Holdings to 5.85M Coins

BitMine Nears 5% ETH Supply Goal

BitMine Immersion Technologies (BMNR) has expanded its Ethereum (ETH) holdings to 5.85 million coins, carrying its “Alchemy of 5%” treasury strategy to 97% of its goal of securing 5% of the entire circulating supply. The company’s investor-relations update, published on August 25, values its combined holdings of cryptocurrencies, cash, marketable securities and “moonshot” investment assets at $14.9 billion. Within that portfolio, 5.07 million ETH is staked and generating network rewards, a stake the firm values at $12.4 billion based on a reference ether price of $2,440. With roughly 87% of its ether deployed in staking, the treasury earns protocol rewards on the bulk of its reserve rather than holding it idle. The update underscores how closely BitMine’s enterprise value now tracks ether’s price and the scale of its staking operation, which has become a central driver of the balance sheet. Shares rose nearly 5% after the announcement, extending a rally that left the stock 30.8% above its 20-day simple moving average of $19.22 and 48.1% above its 50-day average of $16.99. Momentum has grown overheated: the equity’s relative strength index (RSI) reached 78.95, deep in overbought territory, even as its 50-day average still trades below the 200-day line following a death cross in January. BitMine, which joined the Russell 1000 on June 26 and lists Series A preferred shares on the New York Stock Exchange under the ticker BMNP, is also a notable constituent of crypto-sector ETFs, with weightings of 4.52% in BLCK, 5.52% in BITQ and 7.99% in BKCH. The latest accumulation round arrived after Ethereum, the largest altcoin by market capitalization, climbed roughly 30% over the previous week.

Ether Options Show Bull-Bear Split

Ethereum’s derivatives market, meanwhile, is showing a clear divergence between medium-term positioning and short-term flow. Aggregate open interest across ether options stood at $7.14 billion as of 09:50 KST on August 26, up 0.97% from $7.07 billion a day earlier, with 24-hour trading volume near $1.42 billion, according to derivatives data. Open interest measures the total stock of outstanding option contracts, while volume captures contracts traded in a given window; together they separate accumulated positions from fresh activity. The day-over-day rise in open interest therefore signals new capital entering the market rather than simple rolling of expiring contracts. Call options represent 58.66% of outstanding open interest, meaning the bulk of accumulated positions are bullish bets on higher prices. Over the last 24 hours, however, put options accounted for 54.62% of traded volume, indicating that traders are actively buying protection against near-term volatility. That gap between the stock of open positions and the flow of new trades is a classic signal of a market that remains structurally long but is paying up for short-term insurance. The most crowded contracts are a $3,200 call expiring December 25 on Deribit, followed by a $2,200 December call and a $3,000 September call — strikes still well below Ethereum’s all-time high. In the 24-hour volume rankings, a $1,300 put expiring August 28 on Bybit led trading, ahead of a $1,400 put and a $2,600 call expiring August 26. Call options grant the right to buy the underlying asset at a predetermined price, while put options grant the right to sell. The concentration of put volume in this week’s expiries points to hedging demand tied to near-term price swings rather than a structural shift toward bear-market positioning.

$2,514 Resistance Test in Focus

COINOTAG’s proprietary 42-indicator composite scoring engine rates the $2,514 resistance at 79/100 — the strongest hurdle on the chart — driven by a confluence of the R1 pivot and a high-volume node. Immediate support at $2,431 scores 78/100, reinforced by a flip from resistance to support and a MACD cross. With the funding rate at 0.0021%, open interest near $9.42 billion and a long/short account ratio of 1.40, derivatives positioning tilts cautiously long, yet the Fear & Greed Index at 65 (Greed) and an RSI of 75.46 warn that the move is stretched. A daily close above $2,514 opens a path toward $2,830; a break below $2,431 would invalidate the near-term bullish structure and expose $2,355.