Bitmine, the Ethereum treasury company founded by investor Tom Lee, purchased $213.57 million in Ethereum, bringing its total holdings to 4.59% of the entire circulating supply according to data from Arkham Intelligence. The acquisition represents one of the most concentrated institutional positions in Ethereum's history, executed while ETH trades below $1,700 amid sustained selling pressure. The purchase signals directional conviction from a prominent institutional buyer during a period when Ethereum has lost significant ground from recent recovery levels.
Bitmine Acquires $213.57 Million in Ethereum
Bitmine announced purchases totaling $213.57 million in Ethereum, according to Arkham Intelligence data. The acquisition brings the company's total ETH holdings to 4.59% of the entire circulating supply. At current prices, Bitmine's position is valued at approximately $9.32 billion. The purchase was executed during a period when Ethereum trades near $1,670, following recent lows around $1,500. A single entity controlling 4.59% of Ethereum's total supply represents one of the most concentrated institutional positions in the asset's history. ETH committed to Bitmine's treasury strategy is not available for immediate sale on the open market.
Bitmine Holds $9.32 Billion in ETH, Targets 5% Supply Threshold
Arkham Intelligence data reveals Bitmine currently holds approximately $9.32 billion worth of Ethereum, representing 4.59% of the circulating supply. To reach the 5% threshold that appears to represent the company's near-term strategic target, Bitmine needs to purchase an additional $819.86 million in Ethereum at current prices. The $819.86 million figure represents a specific and quantifiable purchase requirement that defines how much additional buying remains ahead. The distance between the current 4.59% and the 5% target establishes exactly how much additional demand the company plans to deploy at current or lower price levels.
Ethereum Breaks Multi-Year Support Below $1,800
Ethereum collapsed below the critical $1,800-$1,900 support zone that had contained price throughout much of the period, confirming a major shift in market structure. ETH now trades near $1,670 after reaching lows around $1,500 during the recent sell-off. The failed recovery attempt from the March lows produced a lower high near $2,350. ETH has fallen below its 50-week, 100-week, and 200-week moving averages, leaving all major trend indicators positioned above current price action. The 200-week moving average near $2,450 has rejected price, while the 50-week and 100-week averages continue trending lower. Volume expanded sharply during the decline. Bulls are attempting to stabilize above the $1,500-$1,600 region, but reclaiming the lost $1,800 support zone remains the first requirement before any meaningful recovery can begin.
FAQ
What did Bitmine purchase in Ethereum?
Bitmine purchased $213.57 million in Ethereum, bringing its total holdings to 4.59% of the entire circulating supply according to Arkham Intelligence data.
How much more Ethereum does Bitmine need to reach 5% of supply?
Bitmine needs to purchase an additional $819.86 million in Ethereum at current prices to reach the 5% supply threshold that appears to represent its near-term strategic target.
What technical levels has Ethereum broken?
Ethereum collapsed below the critical $1,800-$1,900 support zone and now trades near $1,670 after reaching lows around $1,500, falling below its 50-week, 100-week, and 200-week moving averages.
