BitMine Boosts ETH Holdings to 3.5M, Sparks Staking Debate
BitMine Immersion Technologies raised its ETH holdings by 110,288 ETH in the week to Nov. 10, taking its total to 3.51 million ETH—about 2.9% of the 120.69 million circulating supply. The firm bought at an average price of $3,639 and views the recent market dip, with ETH trading near $3,537, as a buying opportunity. Chairman Tom Lee predicts ETH could reach $10,000–12,000 by year-end. Shareholders have pressed for greater transparency and yield, questioning why BitMine keeps its ETH holdings unstaked while peers pursue staking returns. Discrepancies in wallet data from Arkham Intelligence and The Block have intensified calls for clearer disclosures. Currently, ETH trades above the $3,470 support and nears its 200-day EMA at ~$3,660, with resistance around $3,815. BitMine’s stock (BMNR) jumped 400% in 2025, underscoring investor confidence. Traders should watch large-scale ETH accumulation for its impact on liquidity and price momentum.
Bullish
BitMine’s large-scale ETH accumulation amid a market dip signals strong institutional demand, which can tighten available supply and underpin upward price momentum. By treating the recent pullback as a buying opportunity, the company helps establish a robust support level—currently around $3,470—and may drive ETH toward resistance near $3,815. Over the long term, BitMine’s continued purchases and Wall Street’s growing interest in tokenized assets support a bullish outlook, especially with forecasts of ETH reaching $10,000–12,000 by year-end. Although the staking debate and calls for greater transparency introduce some uncertainty, these factors are unlikely to outweigh the positive impact of sustained accumulation by a publicly listed firm. Traders can expect ongoing price support and potential breakouts if institutional buying persists.