Key takeaways
- BitMine purchased 76,881 ETH, bringing its holdings to 5.62 million ETH.
- The company now controls about 4.66% of the circulating supply of Ethereum.
- ETH is trying to hold above the $1,800 level while facing resistance near $1,900.
BitMine adds approximately 77,000 ETH to its reserve
Ethereum treasury company, Bitmain Ethereum Technologies, significantly expanded its Ethereum holdings last week, purchasing 76,881 ETH during a period of weakness in the broader cryptocurrency market.
The acquisition increased the company’s total Ethereum holdings to 5.62 million ETH, worth approximately $10.35 billion at current prices.
According to BitMine, the position now represents about 4.66% of the circulating supply of Ethereum, bringing the company closer to its stated goal of controlling 5% of the available supply of ETH.
Despite lowering its average cost of acquisition through continued accumulation during the recent market downturn, BitMine still recorded unrealized losses exceeding $9 billion on its Ethereum position.
In addition to its large Ethereum holdings, BitMine disclosed ownership of 204 Bitcoin as well as significant equity investments.
The company currently owns 204 bitcoins, a $180 million stake in Beast Industries, Eightco Holdings stock worth $88 million, and $502 million in cash and marketable securities.
The large cash position was largely funded by a recently completed preferred stock offering.
BitMine recently closed an offering for 3.5 million shares of its 9.5% Series A perpetual preferred stock at $80 per share.
After underwriting fees, commissions and related expenses, the company generated approximately $273.8 million in net proceeds.
Chairman Thomas Lee described the offering as a strategic move to diversify the company’s balance sheet while maintaining its aggressive Ethereum accumulation strategy.
“The Series A preferred stock offering is a good diversification of BitMine’s balance sheet,” Lee said in a statement. He added that expected annual hedging awards of approximately $219 million are expected to provide recurring cash flow to support the dividend obligations associated with the preferred shares.
Ethereum Technical Forecast: Bulls are targeting a breakout of the $1,800 level
The 4-hour chart of ETH/USD is bullish as Ethereum is currently trying to stabilize after rebounding sharply from sub-$1,600 levels.
While short-term momentum indicators have improved, the asset remains constrained by several layers of general resistance.
The Relative Strength Index (RSI) has rebounded towards the 67 level, while the Stochastic indicator continues to move higher, indicating improving momentum but not yet confirming a reversal of the ongoing uptrend.
If the rally continues, immediate resistance will be located near $1,909. Additional supply areas are around $2018 and $2107, followed by further resistance at $2211.
If the bullish momentum strengthens, Ethereum may eventually target higher resistance levels near $2,388 and $2,746.
However, if the bears regain control, traders are closely watching whether ETH can maintain a daily close above $1,806. The next major support is near the $1,741 area.
A break below this level could expose Ethereum to deeper support areas around $1,524 and $1,404, while $1,155 remains a key long-term support level if broader market conditions deteriorate.
