BitMine Raises Ethereum Holdings Above $8B, Controls 1.5% of Supply
BitMine has expanded its Ethereum (ETH) treasury to 1.79 million ETH—over $8 billion—representing 1.5% of the total supply. In one week, the miner added 78,791 ETH (≈$355M), swelling its balance sheet by $2.2 billion. To strengthen governance, BitMine appointed former American Tower director David Sharbutt to its board.
This large-scale accumulation underscores growing institutional confidence in Ethereum’s long-term potential and may tighten market liquidity. BitMine’s recent purchases and staking strategies reduce circulating ETH, which could support price stability and fuel upward momentum.
Ethereum price is consolidating near $4,459, holding above $4,400 support amid mixed short-term momentum. Traders should monitor derivatives metrics—funding rates at 0.0065%, open interest near $30.5 billion—and on-chain inflows for tactical entry signals. Watch for reduced sell pressure, higher staking yields and potential supply constraints driving short-term gains and reinforcing long-term bullish sentiment.
Bullish
BitMine’s large-scale acquisition of over 1.79M ETH reduces circulating supply and exerts upward pressure on Ethereum prices. The miner’s balance sheet growth by $2.2B and the appointment of former American Tower director David Sharbutt further signal rising institutional confidence in Ethereum’s long-term value, attracting similar capital inflows. Short-term, tighter liquidity and reduced sell pressure—alongside higher staking yields—may trigger price gains and volatility, offering trading opportunities. Longer-term, ongoing institutional accumulation and improved governance are likely to sustain bullish momentum and overall market stability, marking this news as a significant positive catalyst for ETH.