BitMine Buys 110,288 ETH, Boosts Holdings to 2.9% of Circulating Supply
BitMine Immersion (BMNR) added over 110,000 Ethereum (ETH) last week. This push increased its total holdings to more than 3.5 million ETH. The company now owns 2.9% of all ETH in circulation.
BitMine said it took advantage of last week’s price drop to buy more ETH. Thomas Lee, BitMine’s chairman, said, “The recent dip in ETH prices presented an attractive opportunity.”
Along with its ETH purchases, BitMine raised its cash reserves to $398 million. It also keeps 192 Bitcoin (BTC) and holds $61 million in Worldcoin (WLD) through Eightco Holdings (ORBS).
The company’s shares climbed over 4% on Monday after the announcement. This comes after last week’s price fall linked to $438 million outflows from global Ethereum funds, based on CoinShares data.
Investment firm ARK Invest, led by Cathie Wood, increased its stake in BitMine last week. ARK bought $9.2 million worth of BMNR shares in three ETFs.
BitMine is the largest Ethereum treasury. The second and third largest holders are SharpLink Gaming (SBET) with 859,395 ETH and The Ether Machine (ETHM) with 496,712 ETH, according to StrategicETHReserve.
Ethereum Price Reaches $3,540, Tests $3,660 Resistance
Ethereum briefly rose above $3,600 on Monday. It followed a weekend recovery over the $3,470 resistance level.
Over the past 24 hours, $85.3 million in Ethereum liquidations occurred. Short liquidations made up $48.4 million, according to Coinglass.
ETH now tests the $3,660 level near the 200-day Exponential Moving Average (EMA). A rise above $3,660 might push the price toward $3,815, where the 50-day and 100-day EMAs converge.
If ETH falls below $3,470, it could find support around $3,100.
The Relative Strength Index (RSI) and Stochastic Oscillator are both moving up toward neutral zones. A strong move above these levels could signal renewed bullish momentum for Ethereum.
