Bitmine Adds Another $100M Ethereum While ETH Trades Near $2,340
Ethereum traded around $2,340 on April 23, holding near recent ranges even as institutional accumulation accelerates, led by Bitmine Immersion Technologies’ aggressive buying strategy.
Summary:
- Ethereum trades near $2,340 amid continued consolidation.
- Bitmine now controls over 4% of ETH supply.
- Chairman Tom Lee is targeting a 5% ownership milestone.
The company’s latest purchase has pushed its total holdings close to 5 million ETH, reinforcing its position as the largest corporate holder of the asset.
Price Action Shows Weak Momentum
Ethereum has struggled to sustain upside momentum in the near term. Prices slipped slightly to around $2,343, down marginally on the session, following a rejection near the $2,420 level earlier in the week.
Technical indicators suggest weakening momentum. The Relative Strength Index (RSI) sits near 34, approaching oversold territory, signaling that selling pressure may be nearing exhaustion. At the same time, the MACD remains in negative territory, indicating the broader trend has yet to turn bullish.
Short-term price structure shows lower highs and continued consolidation, with traders watching whether support around the $2,300 level holds.
Bitmine Expands Position Toward 5% Goal
Against this backdrop, according to data shared by Lookonchain, Bitmine Immersion Technologies is accelerating its accumulation strategy. Between April 20 and April 22, the firm acquired more than 100,000 ETH, bringing total holdings to approximately 4,976,485 ETH.
That represents roughly 4.12% of Ethereum’s circulating supply. Chairman Tom Lee has framed the strategy as the “Alchemy of 5%,” with the goal of controlling a meaningful share of the network’s total supply.
Based on an average reference price of about $2,301, the company’s Ethereum treasury is valued at roughly $11.5 billion.
Corporate Moves Reinforce Confidence
The latest purchase coincides with a series of major corporate developments. Bitmine recently uplisted to the New York Stock Exchange, marking a step up in visibility and access to capital.
The company has also expanded its share buyback program to $4 billion, signaling confidence in its valuation. At the same time, it is actively generating yield from its holdings rather than holding passively.
READ MORE: Ethereum Hits Record Activity as Scaling Shift Pressures Token Economics
Roughly 3.33 million ETH – about two-thirds of its treasury – has been staked through its MAVAN validator network. This operation is generating an estimated $221 million in annualized revenue.
Bullish Long-Term Thesis Despite Short-Term Weakness
Tom Lee has maintained a bullish long-term outlook, arguing that the market is emerging from what he describes as a “mini-crypto winter.” He has reiterated a $60,000 price target for Ethereum, citing future demand driven by tokenization and artificial intelligence infrastructure.
Lee also pointed to Ethereum’s relative performance, noting it has outpaced traditional equities during recent geopolitical uncertainty.
While current price action remains subdued, Bitmine’s continued accumulation suggests confidence in a longer-term structural uptrend.
Treasury Strategy Extends Beyond Ethereum
Although Ethereum remains the core holding, Bitmine maintains a broader portfolio. The firm holds a smaller Bitcoin position of roughly 199 BTC and retains over $1.1 billion in cash for future deployments.
It has also taken strategic equity stakes in other companies, including investments in Beast Industries and Eightco Holdings.
Still, Ethereum dominates the balance sheet. With nearly $13 billion in total holdings, Bitmine is positioning itself as a proxy for institutional exposure to ETH.
Institutional Accumulation Meets Market Hesitation
The contrast between price action and accumulation highlights a key market dynamic. While Ethereum trades in a consolidation phase, large players continue to build positions.
If demand persists and supply tightens, the current range could eventually give way to a stronger move. For now, traders remain cautious, but Bitmine’s strategy underscores growing conviction at the institutional level.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
