BitMine doubles down on Ethereum treasury with fresh purchases, highlighting its conviction even as ETH holds firm under pressure.
Summary
- BitMine expanded its Ethereum treasury with a new $104 million purchase, adding roughly 24,000 ETH to its holdings.
- The firm’s total Ethereum acquisitions for October now exceed $407 million, bringing its reserves to 2.83 million ETH worth about $12.3 billion.
- Ethereum is consolidating near $4,365, with key support at $4,250 and resistance at $4,645 determining the next price direction.
BitMine Immersion Technologies made a fresh purchase of approximately 24,000 ETH on October 10, valued at around $104 million, according to on-chain tracker Lookonchain. The acquisition marks the company’s continued effort to deepen its exposure to Ethereum as part of its long-term treasury strategy.
The latest buy follows another purchase spotted on October 8, consistent with its pattern of steady accumulation. That transaction, executed through FalconX, saw the firm receive over 20,000 ETH (ETH) worth roughly $90 million at the time.
Throughout October, the Nevada-based Ethereum treasury company has made several major purchases as part of its long-term target to eventually control 5% of the asset’s supply. With the latest acquisitions, BitMine’s total ETH purchases for October now exceed $407 million, reinforcing its position as the largest corporate Ethereum holder.
The company now holds about 2.83 million ETH, representing 2.34% of total circulation, a stash worth roughly $12.3 billion at current prices.
BitMine boosts Ethereum treasury as ETH holds support
Ethereum is trading at approximately $4,368 at the time of writing, down around 2% on the day, per data from crypto.news. Earlier in the week, the second-largest cryptocurrency reached a local high near $4,645, before retreating to test support at $4,253. This marks a notable pullback from its recent upward momentum, with ETH declining from its intraday peak and consolidating near important support levels.
For Ethereum to resume its upward trajectory, bulls need to reclaim the $4,645 resistance and sustain momentum above $4,700, challenging the local highs and creating a launchpad toward the $5,000 psychological barrier. Key catalysts to drive the move would include continued institutional accumulation and increased DeFi activity.
Conversely, a decisive close below the $4,250 support could open the door for further downside, with the next technical area of interest situated near $3,990. Increasing sell pressure and macro uncertainty would strengthen the case for extended correction in the sessions ahead.
