Bitmine’s ETH holdings exceed 4 million after fresh stock

BitMine Immersion Technologies' Ethereum (ETH) holdings surged past 4 million following the company's acquisition last week.

This aggressive stock comes amid continued market volatility as Ethereum continues to experience broad headwinds. Nevertheless, market analysts point to technical signals that suggest a bearish trend for the asset.

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Corporate Ethereum Holdings Grow As BitMine Passes 4 Million ETH

The world's largest Ethereum Corporation has announced that it has acquired 98,852 ETH, which extends its continuous collection streak. The acquisition raised its total holdings to more than $4 million, valued at $12.1 billion.

These holdings are part of a $13.2 billion treasury, which also includes 193 bitcoins, a $32 million stake in Eightco Holdings and $1 billion in cash. Notably, today on-chain analytics platform Lookonchain reported the purchase of 29,462 ETH worth $88.1 million from BitGo and Kraken exchanges.

The company now controls 3.39% of Ethereum's supply, reaching its target of 5%.

“Bitmine holdings have now surpassed the milestone of 4 million ETH tokens. This is a great achievement after 5.5 months. We are making rapid progress towards the ‘5% alchemy' and are already seeing synergies from ETH holdings. We are a key part of Wall Street's journey to the block. A community of entities driving significant growth in DeFi,” said BitMine Chairman Tom Lee.

As BitMine increased its exposure, other players moved to sell Ethereum. BeInCrypto reports that ETZilla sold 24,291 ETH worth an estimated $74.5 million.

However, the sale does not indicate the outlook on Ethereum. It was taken to repay senior secured convertible debt.

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Ethereum Price Outlook

BitMine's purchase comes as ETH continues to experience volatility with the broader market. The coin fell below $3,000 in early Asian trading hours and is down more than 1% in the past 24 hours.

At the time of writing, the trading price was $2,993.5, slightly higher than the firm's average purchase price of $2,991 per ETH.

Despite the recent price weakness, BitMine's conviction remains strong. Chairman Lee expressed his belief that the price of Ethereum will strengthen in the coming months.

The positive outlook is echoed by market analysts, who cite technical cues as evidence of a possible recovery ahead. Bitcoinsensus has identified a right-angled descending, expanding wedge pattern on the Ethereum chart.

It is a bullish reversal pattern in technical analysis, often indicating weak selling pressure and potential upside.

“This pattern has a high chance of going higher with strong upside moves. Pattern target: $7,000,” the post read.

Another analyst, Crypto Fibic, has pointed to multi-month trends that Ethereum is close to breaking, targeting $4,220 in January 2026.