Ethereum tops $1,800 as BitMine adds 76,881 ETH to 5.62m
Ethereum price is holding above $1,800 as BitMine Immersion Technologies boosted its Ether (ETH) treasury. BitMine bought 76,881 ETH, lifting total holdings to 5.62 million ETH, worth about $10.35 billion at current prices. The stake now equals roughly 4.66% of Ethereum’s circulating supply, moving BitMine closer to its stated goal of controlling 5%.
Despite continued accumulation during a recent market downturn and a lower average acquisition cost, BitMine still reports unrealized losses exceeding $9 billion on its ETH position. The company also disclosed broader exposure: 204 BTC, a $180 million stake in Beast Industries, $88 million in Eightco Holdings shares, and $502 million in cash and marketable securities.
To fund the balance-sheet diversification, BitMine completed a preferred stock offering: 3.5 million shares of 9.5% Series A Perpetual Preferred Stock at $80 per share, generating about $273.8 million in net proceeds. Chairman Thomas Lee said projected annual staking rewards of roughly $219 million are expected to support dividend obligations.
Technically, the Ethereum chart remains bullish but faces resistance near $1,909, then around $2,018 and $2,107. Traders are watching whether Ethereum can maintain daily closes above $1,806; a breakdown could expose support near $1,741.
Bullish
BitMine’s large, incremental ETH purchase is a direct demand signal for Ethereum—especially because the company now controls ~4.66% of circulating supply and is explicitly pushing toward a 5% target. In prior market episodes, sustained “treasury accumulation” by large holders often supports dips rather than amplifies immediate selloffs, which is consistent with Ethereum holding above the $1,800 level.
Short-term, the news can attract momentum traders to press longs while ETH consolidates, but resistance clusters near $1,909/$2,018/$2,107 mean upside may be capped unless buyers can clear those levels. Long-term, if BitMine’s projected staking rewards (~$219M annually) translate into continued flexibility to buy/hold ETH, it can reinforce structural support for ETH supply dynamics. The main risk is that even with new purchases, the reported scale of unrealized losses suggests sensitivity to broader risk-off moves; a breakdown below key support ($1,806, then $1,741) could quickly trigger profit-taking and reduce the immediate bullish effect.