Ethereum Price Holds Near $1,847 as Bitmine Adds 10,399 ETH to Treasury

Key Insights:

• Ethereum price traded near $1,847 as weakening support raised downside risks toward $1,700.
• Bitmine added 10,399 ETH last week, lifting its total holdings to 5.8 million tokens, equal to 4.8% of Ethereum’s ETH supply.
• Bitmine has staked 4.9 million ETH worth about $9.2 billion, with projected annual staking revenue now reaching $247 million.

Ethereum price remained near a key support zone as Bitmine continued its weekly accumulation strategy.

The company added 9,946 ETH during the week ending July 26. The purchase lifted its total holdings to 5,787,414 ETH, representing about 4.8% of Ethereum’s estimated 120.7 million supply.

Bitmine also expanded its share-repurchase programme while maintaining more than 4.9 million ETH in staking operations.

Ethereum traded near $1,847 on August 3 after falling about 2% within 24 hours. The token recorded an intraday low near $1,828 after sellers rejected another move toward $1,900.

Ethereum’s next move could depend on buyers holding the $1,800 to $1,850 support zone. Further selling may push the price toward lower levels.

Meanwhile, ETH crypto remains below its 50-day moving average near $1,889 and the 100-day average near $1,927. These levels form the first major resistance area for any recovery attempt.

A daily close above $1,927 could improve momentum and reopen a move toward $1,975. A breakout above that level could place the $2,000 mark back within reach.

Bitmine acquired 10,399 ETH during the latest week and extended its purchase streak. The company has bought Ethereum every week since launching its treasury strategy on June 30, 2025.

The latest purchase raised Bitmine’s holdings to nearly 5.8 million ETH, worth about $10.9 billion at $1,880. Total crypto, cash, securities, and moonshot investments reached $11.3 billion.

Bitmine said its Ethereum holdings represent 4.8% of the total supply of 120.7 million ETH. The company remains 96% of the way toward its stated goal of holding 5% of supply.

Chairman Tom Lee said Ethereum outperformed the Nasdaq 100 by 25 percentage points during July. He linked the move to improving crypto fundamentals and continued institutional interest.

Bitmine reported 4,917,189 staked ETH, worth about $9.2 billion at the stated market price. The staked balance represents nearly 85% of the company’s total Ethereum holdings.

The company projects annualized staking revenue of about $247 million. It calculated that figure using a seven-day annualized yield of 2.67%.

Bitmine developed the Made in America Validator Network to support its own treasury operations. The platform also targets institutional investors, custodians, and other Ethereum ecosystem partners.

Staking gives Bitmine an ETH-based income stream while the company keeps the asset on its balance sheet. Revenue can still change with validator performance, network yields, and Ethereum’s market price.

The BMNR stock price traded near $17.06 after the latest treasury update. Shares remained below immediate resistance near $17.15, based on the 61.8% Fibonacci retracement level.

A daily close above $17.15 could support a move toward $18.49. Further strength could bring $19.82 into view, followed by a higher target near $21.48.

BMNR still held above a rising trendline near $16. Stronger support stood near $15.24, while a break below that area could expose $12.81.

Bitmine also repurchased 4.5 million common shares during the latest week. The transaction marked the third consecutive week of buybacks under its $4 billion authorization.

The company has repurchased 16.1 million shares since July 1. Management said it considers the shares attractively valued relative to Bitmine’s Ethereum holdings and long-term strategy.

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