BitMine Buys About $70M More ETH, Closing In on 5% of Circulating Supply

BitMine Immersion Technologies, an Ethereum (ETH) treasury firm, added about $70 million worth of ETH in a 24-hour period, according to on-chain data, bringing it closer to its stated goal of holding 5% of ETH’s circulating supply. Wallet analysts tracking the purchase say it comes after the company disclosed buying 42,197 ETH the prior week, extending an aggressive accumulation push led by chairman Tom Lee. With the pace of buying picking up, BitMine is moving into the top tier of corporate holders of the second-largest cryptocurrency by market value. In an investor relations update dated July 6, the company reported that as of July 5 it held 5,742,237 ETH. It also disclosed holdings of 206 bitcoin, a $180 million equity stake in Beast Industries, a $71 million position in Eightco Holdings, and $527 million in cash and marketable securities. The company said its combined crypto and cash reserves total about $11.1 billion. On-chain trackers also recorded a separate net increase of 67,886 ETH—worth roughly $201 million—over another 24-hour stretch, suggesting the treasury may be expanding faster than what is captured in its most recent formal report. Based on current figures, BitMine holds roughly 4.8% of circulating ETH, leaving it less than 300,000 tokens short of its 5% target. If the current purchase rate continues, it could surpass that threshold before August, positioning it to become the largest publicly traded corporate holder of Ethereum. For a large-cap asset such as ETH—rather than a thinly traded altcoin—concentrating such a large share of supply on a single balance sheet is unusual. It also creates a structural source of demand that removes tokens from active circulation. Lee has linked the buying campaign to rising expectations that the U.S. passes the Clarity Act, which would define how digital assets are classified and split oversight between the SEC and CFTC. He said prediction-market odds for passage have climbed to about 50%, a two-week high, which he interprets as growing confidence that crypto regulation will become clearer. In Lee’s view, Ethereum could benefit disproportionately from that kind of regulatory clarity given its role as an infrastructure-layer asset supporting rollups and zero-knowledge privacy networks, potentially strengthening its institutional appeal relative to Bitcoin. BitMine is also putting its holdings to work. The company has more than 4.8 million ETH deployed in staking via its MAVAN platform and related infrastructure, a position valued at roughly $8.5 billion at current prices. Staking locks tokens to secure the proof-of-stake network in exchange for yield, allowing the treasury to earn recurring returns on top of any price gains. The hold-plus-stake-plus-accumulate approach stands in contrast to pure Bitcoin treasury strategies, which cannot generate native yield, and means a substantial portion of BitMine’s balance sheet is actively earning rather than sitting idle. The purchases arrive as Strategy—Michael Saylor’s firm formerly known as MicroStrategy—faces scrutiny after its market net asset value fell below one, a level that can indicate shares are trading at a discount to underlying Bitcoin holdings and attract arbitrage pressure. BitMine’s ETH buying in the same week underscores a growing split in corporate treasury playbooks: a Bitcoin route versus an Ethereum route, shaped by differences in staking mechanics, regulatory positioning, and asset characteristics. For a market concerned about a prolonged bear market, the divergence suggests treasury strategy is no longer one-size-fits-all. COINOTAG’s proprietary 42-indicator composite S/R scoring engine places ETH near $1,738 after a 2.23% decline, still well below its all-time high. The model scores resistance at $1,831 at 71/100, citing a confluence of Ichimoku Senkou B and a high-volume node, with a nearer barrier at $1,773 rated 65/100 based on the prior-day close and R1. Support is rated stronger at 79/100 at $1,713, anchored by the 20-period EMA and S1. Derivatives data show a positive 0.0019% funding rate, $6.57 billion in open interest, and a 2.16 long/short ratio (68.4% long), indicating a crowded positioning that could raise squeeze risk. With the Fear & Greed Index at 20 (Extreme Fear) and RSI around 51, holding above $1,713 keeps a move back toward $1,831 in play; a decisive break below would negate that setup and open downside toward $1,615.