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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Ethereum Surges as BitMine Targets $25B in Purchases
Ethereum rallied sharply on Tuesday, climbing to $4,700 after BitMine Immersion (BMNR), led by Fundstrat’s Tom Lee, revealed plans to massively expand its holdings. The move underscores a growing wave of institutional interest in the second-largest cryptocurrency, as major buyers set their sights on capturing a significant share of supply.
BitMine Expands Ethereum Acquisition Plan
In a new filing, BitMine increased its at-the-market stock offering from $4.5 billion to $24.5 billion, allocating the additional $20 billion entirely to Ethereum purchases. The firm already owns around 1.15 million ETH—worth nearly $5 billion—representing about 1% of the total supply. With this expanded plan, BitMine aims to scale its holdings to 5%, potentially achieving the target by 2026.
The announcement sent Ethereum nearly 10% higher on the day, extending its year-to-date gains to roughly 70%. Analysts compared the move to the aggressive Bitcoin accumulation strategies pioneered by Michael Saylor, but noted that BitMine’s pace is significantly faster.
Record Inflows for ETH ETFs
The news comes alongside fresh records for Ethereum exchange-traded funds. ETH ETFs recorded $1.02 billion in net inflows on Monday, the highest single-day total to date. On a relative basis, this is equivalent to roughly $5 billion in daily inflows for Bitcoin ETFs—a level of demand analysts described as “insatiable.”
Market observers believe that with such concentrated buying from both corporate treasuries and ETFs, there is insufficient selling pressure to slow Ethereum’s climb in the near term. Many expect all-time highs to arrive sooner rather than later.
Broader Market Momentum
Ethereum’s rally coincided with strength across the cryptocurrency market. Bitcoin briefly broke above $120,000, while Solana and other major altcoins posted even larger percentage gains. The broader bullish sentiment followed a mixed U.S. Consumer Price Index reading that reinforced expectations for Federal Reserve rate cuts later this year, improving the outlook for risk assets.
As institutional players and ETF flows continue to drive unprecedented demand, Ethereum appears positioned for further upside—leaving traders to wonder not if, but when, the market will set new records.