Ethereum News: BitMine Buys More ETH as Ethereum Price Struggles Below $1,700

Key Insights:

• Ethereum news reveals BitMine added 25,000 ETH despite large unrealized losses.
• BitMine now holds about 5.54 million ETH, near its 5% supply goal.
• Ethereum price must reclaim $1,700 to weaken the bear flag setup.

Ethereum news turned back to BitMine after on-chain data showed another major ETH purchase from BitGo. The purchase added fresh weight to BitMine’s aggressive treasury strategy.

Lookonchain data showed the company acquired about 125,000 ETH over three days. The buying spree was worth roughly $205 million to $206 million at recent market prices.

BitMine has not officially confirmed the latest transfer. The company usually updates its Ethereum holdings through weekly disclosures. Still, the transfer matched the pattern of previous custody-linked purchases tied to its ETH accumulation plan.

The move also came during a weak market. ETH recently traded near $1,642, after falling more than 44% since early 2026. That decline has raised pressure on companies holding Ethereum as a treasury asset.

Ethereum News Focus Shifts to BitMine 5% Supply Target

Ethereum news around BitMine remains tied to its 5% supply target. The company has described the strategy as “Alchemy of 5%,” with Tom Lee arguing that Ethereum can become core settlement infrastructure.

BitMine disclosed earlier this week that it bought 126,971 ETH last week for about $207 million. That purchase brought its total reserve to 5,543,872 ETH. The stash equals about 4.59% of Ethereum’s circulating supply.

That means BitMine is now about 92% toward its 5% target. Lee has also suggested the firm may not need to keep buying beyond that level. His comment points to a possible slowdown once the target is reached.

However, the latest purchase shows that buying has not stopped yet. The firm continued to add ETH even as market sentiment remained cautious.

Meanwhile, BitMine reportedly has about $9.9 billion in unrealized losses. Those losses remain paper losses unless ETH is sold. Still, they matter because investors judge whether treasury firms can keep raising capital during drawdowns.

BitMine has already moved to support its strategy through financing. The company filed for a Series A perpetual preferred stock offering with a 9.5% annual dividend rate. The preferred stock is expected to trade on the New York Stock Exchange under the ticker BMNP.

Ethereum News Watches Bear Flag Risk and $1,700 Resistance

Ethereum news also remains linked to short-term market structure. Analyst Ted Pillows said ETH is forming another bear flag. He said a move above $1,700 would weaken that bearish setup.

A breakout above $1,700 could open a move toward the $1,850 to $1,900 area. That would show stronger demand after recent selling. It would also improve sentiment around ETH crypto exposure among traders.

The downside level is just as important. A breakdown below $1,600 could send the Ethereum price toward last week’s low. That would put pressure on BitMine, as its stock has already weakened alongside ETH.

BMNR closed lower at $15.64 on Wednesday and slipped again after hours. The stock has been down over the past week and a month. That weakness shows investors remain cautious about large corporate ETH holdings.

Network data gives a different view. Ethereum continues to approach 200 million non-empty wallets, according to Santiment data cited in market reports. That growth reflects use across DeFi, staking, stablecoins, tokens, and broader on-chain activity.

Lee has argued that agentic AI could also increase demand for Ethereum. His view is that autonomous software systems may require reliable settlement, payment, and record-keeping. That keeps BitMine’s long-term thesis focused on infrastructure, even as near-term price action remains weak.

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