BitMine Approaches 3.5% of Ethereum Supply as ETH Dips Below $3,000

As Ethereum (ETH) tests a critical support level, BitMine has disclosed an additional acquisition of $110 million in ETH, bringing them closer to a significant milestone in their investment strategy.

Key Takeaways

BitMine Holds 4.2 Million ETH: BitMine's latest purchase of 35,268 ETH brings its total holding to 4.2 million ETH tokens.
Valuable Assets: BitMine’s total crypto and cash holdings exceed $14.5 billion, positioning it as the largest Ethereum treasury in the world.
Ethereum's Current Price Action: ETH has tested the critical $3,000 support, and its future performance hinges on whether it can maintain this level.

Ethereum, ETH, Crypto

BitMine's Growing Ethereum Holdings

On Tuesday, BitMine, a company specializing in Bitcoin and Ethereum with a long-term investment focus, announced that its holdings have reached 4.2 million ETH tokens after purchasing 35,268 ETH for around $110 million this past week.

This development means that BitMine is now the largest Ethereum treasury holder globally and the second-largest treasury worldwide, with total crypto and cash assets amounting to $14.5 billion at current market prices.

According to their announcement, BitMine now possesses 4,203,036 ETH valued at $3,211, along with 193 Bitcoin (BTC), a $22 million interest in Eightco Holdings as part of their “Moonshots” program, and $979 million in unencumbered cash.

Following this latest acquisition, BitMine holds 3.48% of ETH’s entire supply, making significant progress toward their target of owning 5% of the total 120.7 million ETH supply. Remarkably, they have already achieved nearly 70% of their “Alchemy of 5%” goal in just six months.

Thomas “Tom” Lee, the chairman of BitMine, commented, “The price ratio of Ethereum to Bitcoin, or ETHBTC, has been consistently increasing since mid-October. We believe this indicates that investors are recognizing the tokenization and various use cases being developed on Ethereum by Wall Street.”

As of January 19, 2026, BitMine has a total of 1,838,003 staked ETH, equating to $5.9 billion at $3,211 per ETH, reflecting a rise of 581,920 ETH in the past week.

Ethereum Testing a Critical Support Area

Despite BitMine’s ongoing investment in Ethereum, the cryptocurrency has retraced almost all of its gains for 2026, dropping below the $3,000 mark. On Tuesday, ETH saw a decline of 6.8%, falling from around $3,200 to a three-week low at $2,980.

The leading altcoin has been fluctuating between the $2,600-$3,350 range since the November pullbacks, briefly recovering during the early year rally. Currently, ETH is testing a significant multi-support area, which could significantly impact its short-term performance.

Analyst World of Charts highlighted two potential scenarios for Ethereum. If the price falls below the $3,000 level, which serves as a crucial support area, it might retest the $2,600 lows. Alternatively, if the altcoin manages to hold this zone and gain momentum, a revisit to the upper boundary resistance of the range could occur.

In the midst of this pullback, another market observer noted that ETH is currently revisiting its 50-day Moving Average (MA), which was reclaimed at the start of the year and now stands at the $3,089 level. The observer added that if the 50-day MA holds, a move towards the 200-day MA, located around $3,650, could be on the horizon. “All eyes are on a close above the 50-day MA, which would indicate a successful retest,” they mentioned.

As of now, ETH is trading at $2,999, reflecting a 7% decline over the past week.

Ethereum, eth, ethusdt
ETH’s performance on the one-week chart. Source: ETHUSDT on TradingView