BitMine's Ethereum (ETH) Holdings Grow to 5.82M

BitMine Treasury Grows to 5.815M ETH

BitMine Immersion Technologies has built its Ethereum (ETH) holdings to 5.815 million tokens, and the accumulation campaign tied to Tom Lee's recurring-purchase strategy has moved into profit as the company's stock trades roughly 80% above this year's low. Market data shows the shares reached their highest level since May this week, while ETH — the largest altcoin — climbed to $2,550, its strongest price since January and a gain of more than 65% from the yearly low. A rebound in Bitcoin and the wider crypto market supported the advance. BitMine has bought Ether steadily since July of last year, keeping to a scheduled approach rather than an AI trading bot and maintaining purchases through bear-market stretches. It added roughly 38,000 ETH over the past 30 days; analysts estimate that at the same pace the company could reach its stated goal of controlling 5% of the total ETH supply within months. Institutional funds have returned to Ethereum as well, with spot ETFs absorbing more than $697 million this week and lifting the monthly net inflow to $987 million, the largest monthly increase since August of last year, according to fund-flow records. Derivatives data shows ETH futures open interest at $33 billion, the highest since May, after sliding to $21 billion in June. BitMine's revenue model is shifting from share issuance-funded purchases to staking income; at an assumed average cost of $2,425 per ETH, annual staking revenue could exceed $435 million. The shift marks a move from pure accumulation to generating yield on the existing stockpile. On the technical side, the stock bottomed at $12.73 in June, reclaimed its 50-day exponential moving average, and now shows an average directional index of 29, the highest since February, pointing to a strengthening trend. The next major resistance sits at $30, the January 28 high.

Whale Address Adds 4,000 ETH

On-chain data shows a separate accumulation signal taking shape: an unidentified address gathered 4,000 ETH over the past week, and the position is currently carrying $166,000 in unrealized profit. The activity was flagged by an on-chain analyst tracking large transfers. The wallet withdrew a total of $9.596 million worth of Ether during the period, putting its average acquisition price at $2,399 per token. Every purchase went into Ethereum alone; the address added no other tokens, a single-asset posture that sets it apart from portfolios mixing several cryptocurrencies. The owner of the address has not been disclosed, and the entity behind it could be an individual, an institution, or an exchange's treasury operation — the public ledger does not reveal who holds the keys. Large-wallet movements of this kind are read as reference signals for exchange-to-self-custody flows and sizeable accumulation. When Ether is transferred out of exchange balances into private addresses, holders typically intend to keep the assets rather than trade them actively, reducing the supply readily available for sale. The latest build-up fits a broader pattern of large Ethereum wallets expanding their balances in recent weeks. All of the wallet's transactions are visible on the public ledger, making the accumulation verifiable. The new position moved into profit as ETH climbed above the wallet's average entry price during the broader market's advance. Data watchers caution, however, that a single address's buying record cannot confirm the price direction or guarantee further purchases, particularly when the holder's identity and motivation are unknown. That caution applies with even more force when the address is anonymous and its strategy is undisclosed — the record shows only that ETH was bought, not why. The wallet's unrealized gain, about $166,000 against total withdrawals of $9.596 million, also leaves room for the buyer to hold, add, or exit depending on how Ethereum trades from here.

$2,550 Support Test in Focus

BitMine has updated its treasury figures, reporting 5,847,611 ETH held as of August 23 — a newer reading above the prior 5.815 million — equal to roughly 4.8% of Ethereum's total supply. The balance rose by 32,447 ETH during the past week, extending the scheduled accumulation campaign. Of the total position, 5,067,309 ETH, approximately 87%, is now staked, putting the company's estimated annualized staking income near $330 million. Total assets, combining crypto, cash, marketable securities and other investments, are valued at about $14.9 billion, providing a broader view of the balance sheet underpinning the recurring-purchase strategy.

Bitmine chairman Tom Lee said ether's roughly 30% weekly rally could have further to run, pointing to two prior instances in which ETH gained more than 30% in a week — the token subsequently advanced 167% after a similar surge in July 2021 and 170% following the May 2025 move. Lee cited easier financial conditions, Wall Street's tokenization drive and potential blockchain use by AI agents as tailwinds, and said he expects those trends to help ether gain ground against bitcoin. The company stepped up its acquisition pace last week, buying 32,447 ETH worth about $81 million — its biggest weekly haul since early July — leaving it roughly 187,000 tokens short of its 5% ownership target, which would require about 6.04 million ETH at current supply levels.

The week's rally also lifted BitMine's shares, which opened 8.7% higher and have now gained roughly 28% over the past six months, while the company's unrealized losses on its Ether treasury narrowed to below $5 billion from more than $8.4 billion a week earlier, according to DropsTab data. The move was supported by the US Treasury's announcement that it will double monthly purchases of longer-dated Treasurys to $4 billion from $2 billion starting next month, a catalyst that helped Ether climb more than 32% since. Sentiment on prediction markets has flipped as well: traders now assign 64% odds that Ether reaches $3,000 before falling to $1,500, reversing from 74% bearish odds less than a week ago.

BitMine's latest regulatory filing details what sits behind that figure: along with its Ethereum position, the company holds 210 Bitcoin, stakes in Beast Industries and Eightco Holdings, and $308 million in cash and marketable securities, lifting the combined treasury to $14.9 billion from $11.4 billion a week earlier. The filing also confirmed BitMine has purchased ETH every week since launching the treasury strategy on June 30, 2025 — roughly 14 months without a gap — a cadence the company frames as structural conviction rather than opportunistic bottom-fishing. ETH traded near $2,511 as of August 24, with its roughly 30% weekly surge outpacing Bitcoin's 22% advance, and Lee additionally cited supportive policy signals from Washington among the tailwinds supporting further upside.

(as of 07:18 UTC) Seen together, the composite S/R scoring engine and derivatives positioning paint a picture of a market pressing against a key ceiling: Ethereum trades at $2,508.11, up 1.71% on the day, with RSI at 80.33 (overbought) and MACD bullish, yet the strongest resistance sits just overhead at $2,513.45 (86/100, backed by Fibo 0.000, Donchian Upper, and Swing High). Below, the nearest support is $2,479.997 (46/100, from Pivot Point and MACD Cross), while the stronger floors rest at $2,351.21 (76/100, from Flip R→S, HVN, Fibo 0.214, S3) and $2,013.55 (59/100, from Fibo 0.500, VWAP, LVN, HVN). Derivatives show a leveraged-long tilt—funding at 0.0048%, open interest at $9.73B, and a long/short ratio of 1.33 (57.0% long)—while the Fear & Greed index reads 74 (Greed). The near-term question is whether Ethereum can clear $2,513.45 to extend the uptrend; if not, the $2,479.997 level offers the first line of defense, leaving the $2,351 cluster as the next meaningful support, with the broader structural case resting on continued acceptance above the $2,013 floor.