BitMine Buys 266,119 ETH in One Week, Crosses $2 Billion in Ethereum Holdings

• BitMine acquired 266,119 ETH in 7 days, raising its total holdings to 566,776 ETH worth $2.06 billion as of July 24.
• Ethereum’s price jumped 2.82% on the same day, closing at $3,732.5 with volume rising to 11.45K ETH.
• RSI reached 78.7, placing ETH in overbought territory, signaling possible short-term resistance after the sharp July rally.

BitMine Immersion Technologies has acquired an additional 266,119 ETH worth $970 million in just the past seven days, according to a company update published on July 24. At an average price of $3,643.75 per ETH, the transaction history confirms a rapid and aggressive accumulation.

The company now holds a total of 566,776 ETH, with the value of its Ethereum holdings standing at $2.06 billion. This development comes just 16 days after the company completed a $250 million private placement on July 8.

BitMine’s treasury strategy appears designed to scale quickly. Using the proceeds from its recent funding round, the company has boosted its crypto reserves by over 700% compared to the size of its initial raise, aligning with its objective to increase the amount of ETH held per share.

BitMine’s Strategic Target to Acquire 5% of All Ethereum

BitMine has also stated its audacious goal to acquire and stake 5% of the total Ethereum supply. Chairman Thomas “Tom” Lee confirmed the goal in the official announcement. He noted that the company would rely on staking yields, reinvested cash flow, and active capital market operations. The strategy also includes managing the cost of capital during periods of market volatility.

CEO Jonathan Bates said the company remains committed to its Ethereum-focused treasury model. According to the announcement, BitMine’s operations continue in Pecos and Silverton, Texas, as well as Trinidad. Although primarily involved in mining, the company uses multiple methods to acquire digital assets, including strategic treasury actions.

Related: The Psychology Trap: Why Most Traders Miss the Biggest Moves as ETH/BTC Breaks Out

BitMine disclosed the update in a Form 8-K  filed with the SEC on July 24. No additional unaudited financials were included beyond the ETH holding update and pricing. The company listed its holding count, valuation, and acquisition timeline without commentary on future buying plans.

Ethereum Price Climbs as BitMine Buys $970M in ETH

Ethereum responded to BitMine’s accumulation with a notable price move. On July 24, ETH closed at $3,732.5, gaining 2.82% on the day. The price ranged between $3,508.2 and $3,773.5 during the session. 

This uptick came alongside BitMine’s disclosure of its expanded ETH holdings, suggesting a potential link between the purchase activity and market sentiment.

Volume rose to 11.45K ETH on Bitstamp, signaling increased participation. The Relative Strength Index (RSI) hit 78.7, placing ETH in overbought territory. The RSI’s sharp climb, paired with the price rally, reflects strong demand pressure. 

Related: Ethereum Faces Breakout Moment as Top Analyst Eyes $10K Bull Market Target

At the same time, the price remains well above the 50-day EMA, which now sits at $2,903.5. This separation between price and average signals strong bullish momentum.

However, the overbought RSI suggests that the asset could face short-term resistance. After a sustained rally in July, ETH appears to be consolidating near its highs. BitMine’s aggressive purchases may have contributed to the bullish trend, but technical indicators now hint at potential cooling.