- BitMine raised its Ethereum reserves to 1.71M tokens valued at $8B, solidifying its lead in ETH.
- Tom Lee sets sights on 5% of Ethereum supply as institutional giants fuel BitMine’s growth.
- Ethereum holds above $4,600 after testing 50% Fib support, while wedge signals pressure ahead.
Tom Lee’s BitMine Immersion Technologies has deepened its pockets in Ethereum, spending $800 million in just one week to grow its reserves. The move comes despite a sharp market dip that dragged ETH down by over $400 from its new all-time high of $4,953.
According to the latest report, the company now holds nearly 1.71 million ETH, worth more than $8 billion, alongside 192 BTC and $562 million in cash. This makes BitMine the world’s largest Ethereum treasury, well ahead of SharpLink, which holds about 740,000 ETH.
BitMine ETH Holdings (Source: BitMine Immersion INC)
The firm confirmed that its crypto and cash assets have surged to $8.82 billion, a 32% jump from earlier totals.
BitMine Races to Control 5% of ETH as Institutional Flows Rise
BitMine’s quick growth actually reflects an aggressive ambition to capture a ruling share in the cyclic supply of Ethereum. Chairman Tom Lee said the firm aims to control as much as 5% of the total ETH in circulation. He compared Ethereum’s role in global finance to the major market shifts that followed the collapse of the Bretton Woods system in 1971.
“This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the ‘alchemy of 5%’ of ETH,” Tom Lee noted in the report.
On the other hand, institutional support has been a driver of growth, with BitMine having the likes of ARK Invest, Founders Fund, and Galaxy Digital among its investors in its Ethereum-centered strategy. Trading activity around the company’s stock has also surged, with daily volumes averaging $2.8 billion, placing it among the most liquid stocks in U.S. markets.
Lee went on to highlight that the full integration of Ethereum with AI and unfolding Wall Street interest will soon restructure financial systems everywhere. “Ethereum is one of the biggest macro trades for the next 10 to 15 years,” he said, underscoring BitMine’s conviction in its long-term treasury strategy.
ETH’s Price Outlook: Key Levels to Watch
After reaching the new all-time high of $4,953 yesterday, Ethereum (ETH) was met by a wave of selling pressure that lowered its price by over 8% to $4,518. The decline was almost instantaneous but very brief, as ETH is now up by around 3% and is trading above $4,600.
The recovery occurred following a retest of the 50% Fibonacci retracement level, which acted as strong support in the short term. This recovery was not entirely organic—BitMine purchased Ethereum worth 800 million, which helped to calm panic and restore confidence among investors.
ETH Price Chart (Source: TradingView)
The buyback overlapped with ETH holding steady close to its essential retracement zone, affording bulls some respite. Nonetheless, on the 4-hour chart, ETH is building an ascending wedge, which is typically a bearish pattern that represents a decline in bullish momentum and suggests downside risks.
The wedge is narrowing, indicating that a breakout due to price compression could take place soon. Should the breakout be to the downside, ETH might revisit lower support levels, such as the 50% Fib level, or even hit the $4,274 zone should the selling gain momentum.
Conversely, should bulls succeed in pushing ETH upwards, the next stop towards the upside to watch lies at the $4,764 mark (Fib 0.786). A clean break above this area would see the potential of retesting the all-time high of 4,953 and even further to the 1.272 Fibonacci extension point.
