Ethereum News Today: BitMine Acquires 266,119 ETH in 7 Days, Ethereum Holdings Hit $2.06 Billion as Price Rises 2.82%

BitMine Immersion Technologies has executed a significant accumulation of Ethereum, acquiring 266,119 ETH over seven days as of July 24, pushing its total holdings to 566,776 ETH valued at $2.06 billion [1]. The company purchased the latest batch at an average price of $3,643.75 per ETH, marking a 700% increase in its crypto reserves since securing a $250 million private placement on July 8. This rapid scaling aligns with BitMine’s stated goal to boost Ethereum holdings per share while preparing to stake 5% of the total Ethereum supply—a target confirmed by Chairman Thomas “Tom” Lee. The strategy integrates staking yields, reinvested cash flow, and capital market operations to manage costs during volatile periods.

The timing of BitMine’s purchases coincided with a 2.82% surge in Ethereum’s price on July 24, closing at $3,732.5. Trading volume spiked to 11.45K ETH on Bitstamp, reflecting heightened market participation. Ethereum’s Relative Strength Index (RSI) climbed to 78.7, indicating overbought conditions and potential short-term resistance following the asset’s July rally [1]. The price remains above the 50-day exponential moving average (EMA) of $2,903.5, yet technical indicators suggest consolidation near current levels.

BitMine’s operations in Pecos and Silverton, Texas, and Trinidad, while primarily focused on mining, now extend to strategic treasury actions to diversify acquisition methods. The company’s Form 8-K filing with the SEC outlined its Ethereum holdings but omitted future buying plans, emphasizing a data-driven approach. Analysts note that large-scale purchases like BitMine’s may amplify demand dynamics in crypto markets, though overbought metrics signal caution for near-term traders [1].

The firm’s $970 million Ethereum acquisition within a week underscores its influence on asset valuation. However, Ethereum’s proximity to recent highs and elevated RSI suggest traders might anticipate a pullback or sideways movement. BitMine’s commitment to its Ethereum-centric model, combined with its ambitious 5% supply target, positions it as a pivotal player in shaping Ethereum’s supply-side fundamentals through institutional-grade accumulation.

Source: [1] [BitMine Buys 266,119 ETH in One Week, Crosses $2 Billion in Ethereum Holdings] [https://coinedition.com/bitmine-buys-970-million-ethereum-eth-in-7-days/]