BitMine Increases Ethereum Holdings to 2.65 Million ETH
Ethereum (ETH) price rose 4% on Monday after BitMine Immersion Technologies announced it now holds over 2.65 million ETH. The Nevada-based company added 234,850 ETH last week, continuing its steady accumulation of the top altcoin.
BitMine’s Ethereum treasury is worth about $10.8 billion. This represents roughly 2.19% of the 121.09 million ETH circulating supply, according to Ultrasound Money data.
Besides Ethereum, BitMine holds 194 Bitcoin (BTC), $157 million in Worldcoin (WLD), shares in Eightco Holdings, and $436 million in cash. Its total crypto and cash assets now equal $11.6 billion.
Thomas Lee, BitMine’s Chairman and Fundstrat CIO, said, “Ethereum remains the premier choice given its high reliability and 100% uptime.” He added the company aims to hold 5% of ETH’s circulating supply.
BitMine raised over $365 million last week by selling 5.2 million shares at $70 each to an institutional investor. The company started buying ETH in July and is now the largest publicly traded Ethereum treasury.
BitMine’s 2.65 million ETH is more than three times the holdings of its closest competitor, SharpLink Gaming, which owns about 838,700 ETH. BitMine’s stock (BMNR) gained 6% to trade near $53.80 on Monday.
Meanwhile, US spot Ethereum ETFs saw net outflows of $795 million last week, according to SoSoValue data.
Ethereum Price Faces Key Resistance at $4,100
Ethereum saw $126.1 million in futures liquidations in the past 24 hours. Most liquidations, $106.7 million, were short positions, according to Coinglass data.
ETH found support near $3,800, just above its 100-day Simple Moving Average (SMA). It then recovered past the $4,000 level over the weekend.
However, ETH faces resistance at $4,100, a key level throughout 2024. Above this is a descending trendline from September 13. Breaking these barriers could lead ETH to test $4,500, near the 50-day SMA.
If ETH fails to hold $3,800 support, it may drop toward $3,500. The Relative Strength Index (RSI) and Stochastic Oscillator show less bearish momentum and are trending upward, which may help ETH gain strength.
