Ethereum Updates Today: BitMine Targets 5% of Ethereum Supply to Strengthen Crypto's Position in Financial Systems

BitMine Immersion Technologies, a treasury company focused on Ethereum and co-founded by Fundstrat’s Tom Lee, has reportedly increased its corporate treasury by 27,316 ETH—worth $113 million—according to onchain data from Lookonchain cited in a

. The transfer, originating from the BitGo wallet "0xDc8...3a07f," has yet to be officially acknowledged by BitMine. This move comes after BitMine revealed that its reserves have surpassed 3.3 million ETH, valued at $13.2 billion at current market rates. This makes BitMine the largest public Ethereum treasury and the second-largest overall crypto treasury, behind only Michael Saylor’s Strategy, which holds 640,808 BTC ($74 billion), according to a .

The company, which counts institutional backers such as

Invest’s Cathie Wood and , has reaffirmed its ambition to acquire 5% of Ethereum’s circulating supply—amounting to 6.04 million ETH—and stressed its dedication to Ethereum’s foundational role in financial infrastructure. With this latest acquisition, BitMine’s total crypto and cash assets now stand at $14.2 billion, with Ethereum making up 2.8% of the network’s total supply.

Lee, who has consistently described Ethereum as a “genuinely neutral blockchain” favored by both Wall Street and regulators, pointed out the asset’s promise amid shifting macroeconomic trends. He expressed optimism about U.S.-China trade negotiations, suggesting they could spark a “supercycle” for Ethereum. “Ethereum and cryptocurrencies tend to outperform when stocks are rising,” Lee explained, connecting the asset’s performance to risk-on market sentiment and leverage.

This development occurs as Ethereum experiences short-term price swings, currently trading at $4,000—a 2.36% drop in the past 24 hours—according to the TradingView analysis. Despite this pullback, BitMine’s shares have seen a surge in trading activity, ranking 46th among U.S. stocks with an average daily turnover of $1.5 billion. BitMine’s leading position in the Ethereum treasury sector stands in contrast to rivals like ETHZilla, which recently liquidated $40 million in ETH to finance a share repurchase, as reported by an

.

At the same time, Ethereum’s technical indicators present a mixed picture. The price has slipped below $4,100 and is testing its 100-day EMA, with some analysts identifying possible support at $3,800, according to an

. SharpLink, which holds the second-largest Ethereum treasury with 859,853 ETH, intends to allocate $200 million to , reflecting ongoing strategic adjustments within the industry.

BitMine’s assertive accumulation approach highlights the increasing confidence of institutional players in Ethereum’s long-term value, even as market conditions remain unpredictable. With strong institutional support and a defined supply goal, BitMine’s actions may further reinforce Ethereum’s standing in the digital asset sector.