Ethereum News: BitMine Buys 7,430 ETH and Moves Closer to Its 5% Supply Target

BitMine Immersion Technologies bought another 7,430 ETH during the past week, lifting its Ethereum holdings to 5,777,468 tokens. The company now controls about 4.8% of Ethereum’s estimated supply and sits close to its 5% target. BitMine also increased its staking position while using part of its capital to repurchase shares. The latest Ethereum news shows that the company continues its treasury plan despite a slower weekly purchase rate.

Ethereum News: BitMine Raises Holdings to 5.78M ETH

BitMine valued its Ethereum treasury at about $10.85 billion using an ETH price of $1,879 on July 19. The company said its holdings equal roughly 4.8% of Ethereum’s estimated 120.7 million-token supply. That places BitMine at about 96% of the way toward its stated supply target.

The latest purchase came after BitMine acquired 27,801 ETH in the previous week. Its new 7,430 ETH purchase raised the total from 5,770,038 ETH to 5,777,468 ETH. The company has bought Ethereum every week since it launched its treasury strategy on June 30, 2025.

BitMine Slows ETH Buying

Chairman Tom Lee said the smaller Ethereum purchase reflected a shift in capital toward BitMine shares. During the week, the company repurchased about 5.5 million common shares at an average price of $15.6156. BitMine completed the transactions under its authorized $4 billion share repurchase program.

The company did not pause its Ethereum strategy. Instead, it split weekly capital between ETH purchases and stock buybacks. BitMine also reported $385 million in cash and marketable securities, 207 Bitcoin and other investments. The combined crypto, cash and investment portfolio reached $11.5 billion.

BitMine Stakes 4.92M ETH for Revenue

BitMine has staked 4,917,189 ETH, equal to about 85% of its total Ethereum holdings. At the company’s stated ETH price, the staked position carried a value of roughly $9.2 billion. The company estimated that its current staking activity could generate about $247 million in annual revenue.

BitMine expects annual staking rewards to reach about $290 million if it stakes its full Ethereum balance through MAVAN and other partners. Actual revenue can change with network yields, validator performance, and the amount of ETH placed in staking. The company launched native Ethereum staking in November 2025 and introduced MAVAN in March 2026.

Staking and validation already form the main part of BitMine’s operating income. The company generated $45.7 million from those services during the three months ended May 31. That amount represented about 98% of its $46.5 million quarterly revenue.

Ethereum Price Prediction Points to $2,500

Analyst Michaël van de Poppe said Ethereum has moved above the $1,825 resistance area and now needs to hold that level as support. ETH recovered from its June low near $1,505 and moved above short-term moving averages. Buyers also defended the former resistance area during the latest pullback.

A move above $1,900 could bring the $2,000 to $2,100 range into focus. Van de Poppe placed the larger target area between $2,465 and $2,600. Ethereum price would need to keep forming higher lows and recover earlier resistance levels to reach that zone.

The ETH/BTC pair also tests the upper edge of a yearlong descending channel. Analyst Daan Crypto Trades said a weekly close above the 0.0285 to 0.029 BTC area could support a move toward 0.030 BTC and later 0.032 BTC.

Stronger ETH performance against Bitcoin could also direct more trading activity toward Ethereum-based assets.

The setup could weaken if ETH crypto falls below $1,825 and fails to recover. That move could expose support near $1,750 before the market looks toward the June low around $1,505. Ethereum news around BitMine’s continued purchases adds a large treasury buyer to the market.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices and staking yields are volatile, while analyst targets reflect individual market views rather than guaranteed outcomes. Readers should conduct their own research before making investment decisions.