BitMine is strengthening its position as the world’s largest holder of Ethereum treasuries for businesses as market volatility continues.
Summary
- BitMine has added 27,316 ETH worth $113 million to its treasury, increasing its total Ethereum holdings to 3.31 million ETH worth more than $13.3 billion.
- Chairman Tom Lee links BitMine’s aggressive buying strategy to improving global macro conditions, including progress in US-China trade negotiations and stronger stock markets.
- Ethereum is holding above the $4,000 support zone after recovering from a brief pullback, with bulls now targeting the $4,250 resistance for the next breakout.
BitMine Immersion Tech recently acquired 27,316 ETH worth $113 million, according to on-chain facts from Lookonchain. This latest addition brings the mining and technology company’s total Ethereum holdings to 3.31 million ETH, now valued at approximately $13.3 billion.
In short, BitMines portfolio is worth $14.2 billion, including Ethereum (ETH) shares purchased for an average of $4,164 per token, 192 Bitcoin, an $88 million stake in Eightco Holdings and $305 million in cash reserves. The company now controls about 2.8% of Ethereum’s circulating supply, marking steady progress toward its goal of owning 5%.
Chairman Tom Lee recently credited the company’s aggressive strategy with the market’s recovery following its liquidation in October, stating that “the technicals for both Bitcoin and Ethereum are turning positive.” He added that improving market structure and growing institutional participation signal the early stages of a stronger recovery cycle.
With BitMine’s latest purchase, market attention is once again turning to Ethereum’s price performance and momentum as investors gauge how the asset will respond to growing institutional demand.
BitMine deepens the Ethereum bet as the price looks poised to move higher
ETH is currently trading at $4,033, down 1.1% in the past 24 hours, but still up 4.45% for the week, according to market data from crypto.news.
The week started with a sharp increase that took the price to $4,253 on Monday, but the price was quickly rejected by that resistance and pulled back. On Tuesday, ETH hit a local low of nearly $3,931 before recovering this morning to hold support and return above $4,000.
Now that the asset is above this critical psychological level, the next directional step could be a powerful one. If broader market conditions remain stable and no major macroeconomic surprises emerge, ETH appears positioned to retest the $4,250-$4,300 resistance zone.
Overall, the recent price action, which is back above $4,000 after a brief dip, suggests that buying interest remains strong and ETH’s upward momentum could continue. The key for bulls will be regaining and closing above this week’s high to open a path to new multi-month highs.
