Ethereum Updates Today: BitMine Targets 5% of Ethereum Supply to Strengthen Crypto's Position in Financial Systems
- BitMine adds $113M in 27,316 ETH to treasury, now holding 3.3M ETH ($13.2B) as largest public Ethereum reserve. - Firm aims to accumulate 5% of Ethereum's supply (6.04M ETH) with institutional backing from Cathie Wood and Galaxy Digital. - Tom Lee emphasizes Ethereum's "neutral chain" role in financial infrastructure amid U.S.-China trade optimism and equity-linked crypto dynamics. - Ethereum trades at $4,000 amid technical uncertainty, contrasting with BitMine's $14.2B crypto-cash holdings and competito
BitMine Immersion Technologies, a treasury company focused on Ethereum and co-founded by Fundstrat’s Tom Lee, has reportedly increased its corporate treasury by 27,316 ETH—worth $113 million—according to onchain data from Lookonchain cited in a
The company, which counts institutional backers such as
Lee, who has consistently described Ethereum as a “genuinely neutral blockchain” favored by both Wall Street and regulators, pointed out the asset’s promise amid shifting macroeconomic trends. He expressed optimism about U.S.-China trade negotiations, suggesting they could spark a “supercycle” for Ethereum. “Ethereum and cryptocurrencies tend to outperform when stocks are rising,” Lee explained, connecting the asset’s performance to risk-on market sentiment and leverage.
This development occurs as Ethereum experiences short-term price swings, currently trading at $4,000—a 2.36% drop in the past 24 hours—according to the TradingView analysis. Despite this pullback, BitMine’s shares have seen a surge in trading activity, ranking 46th among U.S. stocks with an average daily turnover of $1.5 billion. BitMine’s leading position in the Ethereum treasury sector stands in contrast to rivals like ETHZilla, which recently liquidated $40 million in ETH to finance a share repurchase, as reported by an
At the same time, Ethereum’s technical indicators present a mixed picture. The price has slipped below $4,100 and is testing its 100-day EMA, with some analysts identifying possible support at $3,800, according to an
BitMine’s assertive accumulation approach highlights the increasing confidence of institutional players in Ethereum’s long-term value, even as market conditions remain unpredictable. With strong institutional support and a defined supply goal, BitMine’s actions may further reinforce Ethereum’s standing in the digital asset sector.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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