Ethereum News Today: BitMine's 5% Ethereum Supply Quest Aims to Solidify Crypto's Financial Infrastructure Role

BitMine Immersion Technologies, the Ethereum-focused treasury firm co-founded by Fundstrat's Tom Lee, has added 27,316 ETH—valued at $113 million—to its corporate treasury, according to onchain data from Lookonchain reported in a TradingView report. The transaction, traced to the BitGo wallet "0xDc8...3a07f," has not been officially confirmed by the company. This acquisition follows BitMine's announcement that its Ethereum holdings now exceed 3.3 million ETH, or $13.2 billion at current prices, making it the largest public Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy with 640,808 BTC ($74 billion), per a The Block report.

The firm, backed by institutional investors including Ark Invest's Cathie Wood and Galaxy Digital, has reiterated its goal of accumulating 5% of Ethereum's circulating supply—equivalent to 6.04 million ETH—while emphasizing its commitment to Ethereum's role in financial market infrastructure. BitMine's latest purchase brings its total crypto and cash holdings to $14.2 billion, with Ethereum comprising 2.8% of the network's supply.

Lee, who has repeatedly positioned Ethereum as a "truly neutral chain" favored by Wall Street and regulators, highlighted the asset's potential amid evolving macroeconomic conditions. He cited optimism around U.S.-China trade talks, which he said could catalyze a "supercycle" for Ethereum. "Ethereum and crypto perform better when equities rise," Lee noted, linking the asset class to risk-on sentiment through leverage channels.

The move comes as Ethereum faces short-term volatility, trading at $4,000—a 2.36% decline over 24 hours—according to the TradingView report. Despite the dip, BitMine's stock has surged in trading volume, ranking 46th among U.S. equities with an average daily volume of $1.5 billion. The firm's dominance in the Ethereum treasury space contrasts with competitors like ETHZilla, which recently sold $40 million in ETH to fund a share buyback, according to an FXStreet report.

Meanwhile, Ethereum's technical outlook remains mixed. The asset has fallen below $4,100, testing its 100-day EMA, with analysts noting potential support at $3,800, according to an FXStreet forecast. SharpLink, the second-largest Ethereum treasury with 859,853 ETH, plans to deploy $200 million into Linea, signaling ongoing strategic shifts in the sector.

BitMine's aggressive accumulation strategy underscores growing institutional confidence in Ethereum's long-term utility, even as market dynamics remain fluid. With institutional backing and a clear supply target, the firm's actions could further solidify Ethereum's position in the crypto-asset landscape.