BitMine Immersion Technologies now holds more than 4 million Ethereum (ETH) after the purchases made in the past week.
This rapid accumulation comes while the market is still volatile and Ethereum is facing a lot of headwinds. Nevertheless, market analysis experts point to technical signals indicating potential increases for the coin.
Corporate Ethereum holdings grow: BitMine surpasses 4 million ETH
The largest corporate holder of Ethereum in the world announced that it has purchased 98.852 ETH, continuing its ongoing purchase trend. With this purchase, the company now holds more than 4 million ETH, valued at approximately $12.1 billion.
These ETH holdings are part of a treasury of $13.2 billion, which also includes 193 Bitcoin, a stake of $32 million in Eightco Holdings, and $1 billion in cash. Today, on-chain analysis platform Lookonchain reported a purchase of 29,462 ETH worth $88.1 million via BitGo and Kraken crypto exchanges.
The company now owns 3.39% of all Ethereum in circulation and is getting closer to its goal of owning 5%.
“BitMine now owns more than 4 million ETH tokens. This is a huge milestone, achieved in just 5.5 months. We are quickly heading towards the 'alchemy of 5%' and we are already noticing the synergies of our large ETH holdings. We are a key figure supporting the transition from Wall Street to blockchain through tokenization. And we are working closely with the main players from the DeFi community who are working on innovations,” said BitMine chairman Tom Lee.
While BitMine continues to accumulate, other parties are selling Ethereum. BeInCrypto reported that ETHZilla sold 24,291 ETH, with a total value of approximately $74.5 million.
Yet this sale does not mean there is a negative expectation for Ethereum. The sale was necessary to repay a subordinated convertible loan.
Ethereum price expectation
The purchase by BitMine takes place while ETH and the broader market are suffering from volatility. The coin has dropped below $3,000 again during early Asian trading and fell more than 1% in the past 24 hours.
At the time of writing, the price is $2,993.5, just slightly above the average purchase price of $2,991 per ETH for the company.
Despite the recent weakness in the price, BitMine's confidence remains high. Chairman Lee previously indicated that he is confident that the Ethereum price will rise in the coming months.
Ook market analysis experts share this positive expectation and point to technical signals for possible recovery. Bitcoinsensus saw a linear, declining, and widening wedge pattern on the Ethereum chart.
This is a bullish reversal pattern in technical analysis, which often indicates decreasing selling pressure and a potential upward breakout.
“This pattern has a high chance of breaking upward with a strong increase. Pattern target: $7,000,” was stated in the post.
Another analyst, Crypto Faibik, pointed to a multiple month trend line that Ethereum is almost breaking through. This would imply a target of $4,220 by January 2026.
For now, Ethereum is still under pressure due to the declining trend in the market. Whether strong institutional confidence and new technical signals will actually lead to price recovery remains to be seen.
