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

Seen together, the two accumulation streaks show one market phase: Ethereum demand is broadening from a corporate treasury to anonymous on-chain buyers, while spot ETF inflows confirm the institutional leg. BitMine's purchases and the private wallet's buying rest on the same premise — accumulation at prices below $2,550, ETH's strongest level since January — and both positions are now in profit. On-chain transaction records and ETF fund-flow data, the primary sources for these moves, show supply being absorbed on multiple fronts even though Ethereum remains far from all-time high territory. The near-term question is whether $2,550 flips from a recent high into support; if ETF inflows continue and BitMine keeps buying toward its 5% supply goal, the accumulation case gains weight.