BitMine Immersion Tech has expanded its Ethereum treasury with a fresh purchase of 27,316 ETH valued at $113 million, according to on-chain data from Lookonchain. This acquisition boosts the firm’s total Ethereum holdings to 3.31 million ETH, currently worth around $13.3 billion.
BitMine’s overall portfolio now stands at $14.2 billion, comprising its Ethereum position—acquired at an average price of $4,164 per token—alongside 192 Bitcoin, an $88 million stake in Eightco Holdings, and $305 million in cash reserves. With this latest accumulation, BitMine now controls roughly 2.8% of Ethereum’s circulating supply, moving closer to its long-term goal of owning 5%.
Chairman Tom Lee credited the company’s aggressive accumulation strategy to improving market conditions following October’s liquidation wave. “Technicals for both Bitcoin and Ethereum are flipping positive,” he said, pointing to stronger market structure and growing institutional participation as signs of an early-stage recovery cycle.
The purchase has reignited market focus on Ethereum’s price action and on-chain dynamics, as investors assess how increasing institutional demand could shape ETH’s next move.
Currently trading at $4,033, Ethereum is down 1.1% over the past 24 hours but remains up 4.45% for the week, according to data from crypto.news. The week opened with a sharp rally that pushed ETH to $4,253 on Monday before facing resistance and retracing to $3,931 on Tuesday. The asset has since rebounded, reclaiming the key $4,000 support level.
Holding above this psychological threshold could set the stage for Ethereum’s next significant move. If broader market conditions stay stable and no major macro shocks occur, ETH appears poised to retest the $4,250–$4,300 resistance zone in the near term.
Overall, Ethereum’s quick rebound above $4,000 after a brief dip signals strong buying interest and suggests its upward momentum may persist. For bulls, the next critical step is to reclaim and close above this week’s high, which could pave the way for a move toward new multi-month highs.
