BitMine Immersion Technologies, a major Ethereum treasury management firm, has completed its largest acquisition of Ethereum in over a year, purchasing 32,447 ETH last week. Based on an average price of $2,500 per token, the transaction reached a total value of approximately $81 million.
BitMine approaches 5% control of Ethereum supply
With this latest acquisition, BitMine’s cumulative Ethereum reserves have risen to 5,847,611 ETH, now valued at around $14.6 billion. This holding represents about 4.8% of the total circulating supply, which stands at about 120.7 million ETH globally.
The company, which operates as a digital asset treasury manager, began its Ethereum accumulation strategy in June 2025. BitMine has stated its intention to reach 5% of total ETH supply, equivalent to roughly 6.04 million tokens. To attain this target, BitMine would need to secure an additional 187,000 ETH.
BitMine has accelerated its buying activity alongside a strong price surge in Ethereum, which climbed 30% in the past week. This marks Ethereum’s largest weekly gain since May 2025.
ETH
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AAPL| Metric | Current Value | Target Value |
|---|---|---|
| BitMine ETH Holdings | 5,847,611 | 6,040,000 |
| ETH Share of Total Supply | 4.8% | 5.0% |
| Value of Holdings | $14.6 billion | — |
Approximately 87% of BitMine’s ETH holdings, or about 5.07 million tokens, are staked. The company projects annual staking revenue to reach roughly $330 million.
BitMine Immersion Technologies is known for actively accumulating and managing large digital asset positions, primarily in Ethereum, for the purpose of treasury diversification and yield generation.
Mini dictionary: Staking, the process of locking up cryptocurrencies to support network operations in exchange for rewards, is a mechanism widely used by Proof-of-Stake blockchains like Ethereum to help secure and maintain the network.
Leadership and market outlook
Chairman Thomas Lee cited significant historical price movements to frame BitMine’s recent actions. He pointed to two occasions—July 2021 and May 2025—when a 30% weekly rise in ETH led to further gains of 167% and 170%, respectively.
“These two historical instances demonstrate that a weekly gain exceeding 30% served as a launch point for substantially larger ETH price movements. We anticipate that easing financial conditions will provide favorable tailwinds for the cryptocurrency market.”
Lee also suggested that growing trends in asset tokenization and advances in artificial intelligence leveraging blockchain infrastructure could make Ethereum outperform Bitcoin in the current market cycle.
ETF inflows and technical signals
Spot Ethereum ETFs in the United States registered their strongest week since October, attracting $697 million in net capital inflows. BlackRock’s iShares Ethereum Trust recorded $536.8 million of this total, leading the market for ETH-based exchange-traded products.
Analyst Daan Crypto Trades noted on X that Ethereum ended the week at its highest closing price in about seven months. The token is currently trading above $2,400, with its 200-week moving average and exponential moving average cited as critical resistance areas. The analyst cautioned that if ETH drops below $2,300, the market could experience a retracement toward support bands underpinning the ongoing uptrend.
Ethereum finished the week firmly at its April highs and is now positioned at its weekly 200MA and EMA levels. Monitoring these levels will be crucial for detecting the next trend move.
Technical indicators reveal that Ethereum’s immediate resistance stands at $2,678, with the next significant target at $2,865. The relative strength index (RSI) near 79 signals that the asset remains in overbought territory. Over the previous 24 hours, liquidations in Ethereum totaled $108.8 million, with short positions accounting for $68.3 million of these forced closures.
With increased institutional activity and buying pressure from firms like BitMine, industry participants continue to monitor Ethereum’s rapid market shifts and the impact of significant treasury acquisitions.
