Bitmine Immersion Technologies acquired 20,500 ETH for $35.92 million via Galaxy Digital, grows holdings to 4.7% of Ethereum supply

Bitmine’s accumulation strategy advances

Following this latest acquisition, Bitmine’s total Ethereum holdings have reached approximately 5.7 million ETH. This translates to nearly $10 billion in market value and represents between 4.7% and 4.8% of the total circulating Ethereum supply, which currently stands at 120.7 million ETH. The company has openly stated its near-term goal: to hold 5% of the entire Ethereum supply.

Tom Lee, Chairman of Bitmine and co-founder of Fundstrat, positions the firm’s Ethereum strategy alongside the corporate treasury models seen with Bitcoin. Fundstrat, an independent research entity, is recognized for its market strategies and macro analysis that guide institutional decision-making.

Tom Lee has expressed his intention for Bitmine to treat Ethereum in much the same way that companies like MicroStrategy approach Bitcoin on their balance sheets.

Since mid-2025, Bitmine has ramped up its ETH purchases and continued this approach throughout 2026. Previously, the company made notable acquisitions, including 42,197 ETH for roughly $76 million, and another transaction involving 60,976 ETH. While the most recent tranche of 20,500 ETH is smaller in comparison, it brings Bitmine closer to its 5% ownership target.

Notably, Bitmine continued its acquisitions as ETH fluctuated between $1,700 and $2,200 throughout the year. This pattern suggests the company is more focused on increasing its supply share than timing purchases at the market’s lowest levels.

Ethereum supply dynamics and network structure

Despite Ethereum’s theoretically unlimited supply, the pace of new issuance is relatively restrained. After the Merge upgrade, Ethereum transitioned to a proof-of-stake consensus, substantially reducing the rate at which new ETH enters circulation. The EIP 1559 mechanism further curbs inflation by burning a portion of transaction fees, constraining supply expansion.

Glossary: EIP 1559 introduced a mechanism that burns a portion of Ethereum transaction fees, removing them from circulation. The Merge refers to Ethereum’s shift from energy-intensive mining to the proof-of-stake validation model.

Bitmine’s 5.7 million ETH is currently secured within a corporate wallet. The sustained accumulation underscores a strategic approach to holding Ethereum long-term, despite the network’s distinct economic model compared to Bitcoin.

Key technical levels watched for ETH and BTC

Recent price action in Ethereum demonstrates a tightening range between short-term consolidation and longer-term resistance. ETH is currently trading above its 20-day ($1,759) and 50-day ($1,747) simple moving averages, yet remains below the 200-day average at $2,240.

Based on the Ichimoku Kijun indicator, support for ETH emerges near $1,773. The Relative Strength Index (RSI) stands at 56.97, giving buyers a slight upper hand in the short run. However, the MACD presents a weaker trend, and the ADX remains neutral, suggesting no clear directional momentum at present.

Bitcoin options market highlights $80,000 strike price

Bitcoin experienced intraday highs following a rebound in US equities after Wall Street’s opening. CoinGecko data showed BTC rising back above $64,000, gaining about 5% during the day. CoinGlass reported that around $100 million in short positions were liquidated in the last 24 hours.

With Bitcoin climbing about 10% month-over-month, traders are closely monitoring levels above $70,000. Of particular importance is the 200-day moving average near $71,100. On Deribit, open interest in options contracts with an $80,000 strike price now exceeds $1.21 billion. As BTC approaches these levels, hedging activity may drive increased volatility in both spot and derivatives markets.