Ethereum Surges As Bitmine Quietly Stockpiles ETH

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Ethereum gained 8.23% over the past week to trade at $1,874.61 as of July 15, while the largest corporate ETH holder, Bitmine Immersion Technologies, disclosed that its holdings have reached 5.77 million tokens, according to a July 13 press release . The company’s total crypto and cash holdings now stand at $11.3 billion. Bitmine reported $45.7 million in Ethereum staking and validation revenue for the three months ended May 31, 2026, representing 98% of total revenue for the quarter, according to its latest 10-Q filing . The figure marks a dramatic shift from a year earlier, when the company generated just $2 million in total quarterly revenue, primarily from machine leasing. Bitmine has staked approximately 4.9 million ETH, or 85% of its holdings, through its institutional staking platform MAVAN, launched in March 2026. “Bitmine has staked more ETH than other entities in the world,” Tom Lee, Chairman of Bitmine, said in the company’s July 13 press release. Lee added that at full deployment, projected annualized staking rewards would reach $284 million. The weekly price gain coincided with $84.4 million in net inflows into U.S. spot Ethereum ETFs , reversing a prior outflow trend. Bitmine’s accumulation adds to a broader pattern of institutional positioning. The company now holds 4.8% of the total ETH supply and was added to the Russell 1000 large-cap index on June 26. Its holdings represent the largest public Ethereum treasury , ranking second globally behind Strategy’s Bitcoin reserves. Bitmine’s staking yield of 2.70% annualized generates revenue that its Bitcoin self-mining operations ($624,000) and consulting ($168,000) cannot match. Despite the weekly rally, ETH remains below all major weekly moving averages. The MA-20 sits at $2,009.48, the MA-50 at $2,868.76, and the MA-200 at $2,475.43, according to Traders Union analysis . The weekly RSI, CCI, and MACD all indicate bearish momentum, while the Stochastic RSI tilts toward overbought territory. Bear Power confirms seller dominance, and the Awesome Oscillator shows no bullish reversal signal. That technical picture suggests the 8.23% gain could face exhaustion rather than continuation, even as institutional flows remain positive. Bitmine’s accumulation model mirrors what Strategy has done for Bitcoin, but with a staking income component that Bitcoin lacks. At current prices, Bitmine’s 5.77 million ETH is worth approximately $10.8 billion. The company acquired 27,801 ETH in the most recent reporting week alone, maintaining the pace set under its “Alchemy of 5%” initiative, which targets ownership of 5% of all ETH by the end of 2026. Bitmine is currently at 4.8% of the total supply. Related: Ethereum (ETH) price prediction: 2026, 2027, 2030 The Ethereum Foundation separately reorganized its privacy task force into EthSystems, a for-profit entity designed to deliver privacy and compliance solutions for institutional users, adding another layer to the ecosystem’s enterprise push. Analysts expect ETH to trade in a range of $1,790 to $1,960 over the next seven days, with less than a 20% probability of sustained upside. A decisive break above $1,960 would challenge the bearish technical consensus. Bitmine’s next weekly holdings disclosure, due around July 20, will show whether the company continued accumulating through the rally or paused near resistance levels. TAGS Bitmine Immersion Technologies , ETH , ethereum

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Major mining firm Bitmine has begun aggressive accumulation of Ethereum (ETH), triggering supply scarcity concerns and a sharp price rally. This institutional buying is absorbing market liquidity, placing upward pressure on prices in the short term. Investors should closely monitor how the asset accumulation patterns of large miners may amplify future market volatility.

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