Key Takeaways
BitMine Immersion Technologies purchased 76,881 Ether over the past week, boosting its total holdings to 5.62 million tokens worth about $10.4 billion as the second-largest cryptocurrency reclaimed the $1,800 level.
The company now controls 4.66% of Ethereum's circulating supply of 120.7 million tokens, moving closer to its stated goal of holding 5% of all ETH in circulation, according to a June 15 statement. BitMine acquired the tokens at an average price of $1,718, bringing its total unrealized losses on the position to roughly $9 billion.
"The recent pullback in Ether's price does not reflect strengthening Ethereum fundamentals," Chairman Tom Lee said in the statement. He added that the market remains in the early stages of a "crypto spring" and that BitMine expects to reach its 5% target during 2026.
Staking Income Backs Preferred Dividend Strategy
BitMine has staked 4,718,677 ETH — about 83% of its total holdings — generating an annualized seven-day staking yield of 2.79%. The company projects annual staking income of roughly $226 million, which Lee said could support dividend payments on its recently issued preferred stock.
The company closed an offering of 3.5 million shares of 9.5% Series A Perpetual Preferred Stock at $80 per share on June 10, generating net proceeds of about $273.8 million. The preferred shares began trading on the New York Stock Exchange under the ticker BMNP on June 16.
Beyond its Ethereum position, BitMine holds 204 Bitcoin, $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million stake in Aptos. The company was also included in Fortune's "Crypto 100" ranking of the most influential blockchain companies on June 11.
Ethereum Technical Levels in Focus
ETH rose 2.66% on Monday to trade above $1,800, recovering from levels below $1,600 earlier this month. The Relative Strength Index on the four-hour chart recovered toward 67, while the asset remains constrained between the 50-day moving average at $1,733 and the 200-day moving average at $2,402.
Immediate resistance sits near $1,909, with additional supply zones at $2,018 and $2,107, according to technical analysis. On the downside, support lies at $1,806 and $1,741, with a break below those levels potentially exposing ETH to deeper demand zones near $1,524.
The accumulation comes as total crypto market trading volume rose 107%, according to CoinGecko data, though the surge points to elevated volatility rather than fresh capital entering the market. A daily close above $1,800 would strengthen the bullish case, while a drop below $1,750 on volume would refocus attention on collateral risks from leveraged positions.
This article is for informational purposes only and does not constitute investment advice.
