Headline: BitMine buys nearly 77,000 ETH, bringing its Ethereum treasury to 5.62M ETH as it pushes toward 5% of supply
BitMine Immersion Technologies doubled down on Ethereum last week, acquiring 76,881 ETH during a weak spell for the broader crypto market. The purchase lifts the firm's Ethereum holdings to 5.62 million ETH — roughly $10.35 billion at current prices — or about 4.66% of ETH’s circulating supply, putting BitMine within striking distance of its stated goal to control 5% of available ETH.
The accumulation strategy is lowering BitMine’s average cost basis, but the company still shows sizable unrealized losses on the position — reportedly in excess of $9 billion — reflecting the scale and timing of the build-up amid recent market volatility.
Balance sheet and funding
BitMine’s crypto exposure isn’t limited to ETH. The company also holds 204 BTC and has material equity stakes and liquid assets, including:
- $180 million in Beast Industries equity
- $88 million in Eightco Holdings shares
- $502 million in cash and marketable securities
That cash cushion was largely enabled by a recent preferred stock offering: BitMine sold 3.5 million shares of its 9.5% Series A Perpetual Preferred Stock at $80 per share, generating approximately $273.8 million in net proceeds after underwriting fees and related expenses. Chairman Thomas Lee framed the deal as a balance-sheet diversifier that supports the company’s aggressive ETH accumulation strategy. “The Series A Preferred Stock offering is good balance sheet diversification for BitMine,” Lee said, adding that projected annual staking rewards of roughly $219 million should provide recurring cash flow to help meet dividend obligations on the preferred shares.
What it means for markets
By cornering an ever-larger chunk of circulating ETH, BitMine could become a more influential holder on supply dynamics and staking flows, particularly if it continues to accumulate during pullbacks. At the same time, the huge unrealized losses highlight the downside risks of a concentrated position if prices stay depressed.
Ethereum technical outlook
Short-term technicals on ETH/USD look cautiously constructive. After rebounding strongly from below $1,600, the 4‑hour chart shows improving momentum: the RSI has climbed toward the mid-60s (around 67) and the Stochastic oscillator is trending higher — signs of recovering buying pressure but not yet a confirmed trend reversal.
Key levels to watch:
- Immediate resistance: $1,909
- Additional supply zones: $2,018, $2,107, $2,211
- Extended upside targets if momentum accelerates: $2,388 and $2,746
On the downside, bulls need ETH to hold daily closes above $1,806. The next major support sits near $1,741; a breakdown could expose deeper support around $1,524 and $1,404. $1,155 remains a critical long-term support if market conditions worsen significantly.
Bottom line: BitMine’s fresh buy is a major vote of confidence in Ethereum’s long-term narrative and staking economics, funded in part by a sizable preferred-stock raise. But the enormous position carries concentration risk and currently masks large unrealized losses, leaving both the company and the market sensitive to near-term price moves.
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