Bitmine: Adds 12,532 ETH as 5% Cap Nears

Bitmine acquired 12,532 ETH for $32.6 million last week at roughly $2,601 per token, bringing total holdings to 6,028,946 ETH valued at $15.319 billion with an average cost of $3,334 and an unrealized loss of $4.781 billion.

MicroStrategy added 250 BTC for $21.55 million at $86,194 each, lifting its stack to 848,250 BTC worth $70.532 billion at an average cost of $75,444 and a $6.536 billion unrealized gain.

Tom Lee stated at TOKEN2049 in Singapore that Bitmine will cease purchases once its ETH treasury reaches 5% of supply; the firm needs 77,442 more tokens to hit that threshold and is on pace to arrive there in about one month.

Price action on the 4-hour chart shows ETH at $2,533.11 inside the Bollinger Bands with the upper band at $2,561.77 acting as immediate resistance; the neutral RSI at 48.53 and MACD golden cross at -5.04 suggest momentum is shifting, yet the bearish structure with price below both the EMA50 at $2,566.99 and EMA200 at $2,580.59 keeps the path of least resistance lower until a decisive close above the 50-EMA.