BitMine Adds $104M in ETH to Treasury as Fundstrat Predicts $5.5K Target – ETH About to Explode?

BitMine Immersion Technologies added 23,823 ETH worth $103.7 million to its corporate treasury on Thursday, according to blockchain tracking firm Lookonchain , which cited data showing the company received the tokens from a BitGo ￰2￱ acquisition comes as Fundstrat technical analyst Mark Newton predicted Ethereum would bottom over the next one to two days before rallying to $5,500, representing approximately 27% upside from current levels around $4,345. BitMine Amasses $12.4B Treasury Despite Short-Seller Attack BitMine officially holds 2.83 million ETH valued at roughly $12.4 billion, making it the largest public Ethereum treasury and second-largest crypto treasury behind Michael Saylor’s ￰3￱ company, led by Fundstrat co-founder Tom Lee, has stated on multiple occasions that it aims to accumulate 5% of Ethereum’s total supply and remains committed to supporting the network’s growing role in financial market ￰4￱ latest purchase follows a week after BitMine received 20,020 ETH worth $89.7 million via FalconX on October 3, totaling over $193 million in Ethereum acquisitions within seven ￰5￱ keeps accumulating $ETH — 5 hours ago, they received another 23,823 $ETH ($103.68M) from BitGo. ￰0￱ ￰1￱ ￰6￱ — Lookonchain (@lookonchain) October 10, 2025 However, shares of BMNR traded down 1.5% on Thursday, closing at $59.10, while Ethereum declined 1% over the past 24 hours to trade at $4,336.

The accumulation comes despite short-selling firm Kerrisdale Capital announcing a bearish position against BitMine on October 9, calling its business model “ a relic on the verge of extinction .” Newton’s technical analysis suggests Ethereum has experienced a minor three-wave pullback following a strong rally from September 25 into October 7, with the correction expected to end by October 11 before turning ￰7￱ noted ETH has already corrected 50% of the recent rally but could hit $4,200 to $4,220, providing an optimal support area before reversing ￰8￱ projection comes as institutional demand for Ethereum hits new highs, with treasury firms and exchange-traded funds now holding over 12.48 million ETH, roughly 10.31% of the network’s total ￰9￱ savant @MarkNewtonCMT at it again: "I do not make much of Crypto weakness in recent days, and expect $ETHUSD likely bottoms out over the next 1-2 days before heading back higher and rallies to $5500. – Following a recent strong technical rally from 9/25 into 10/7 in… ￰10￱ — Thomas (Tom) Lee (not drummer) ￰11￱ (@fundstrat) October 9, 2025 Corporate Treasuries Drive Institutional Adoption Wave Alongside BitMine, Bit Digital’s Ethereum holdings surged to approximately $675 million two days ago after purchasing an additional 31,057 ETH using proceeds from a recently completed $150 million convertible notes ￰12￱ Nasdaq-listed crypto infrastructure firm now holds approximately 150,244 ETH, marking a 50% increase as it pivots from Bitcoin mining to a full-fledged Ethereum-focused ￰13￱ crypto-focused investors, including Kraken Financial, Jump Trading Credit, and Jane Street Capital, participated in the ￰14￱ Gaming disclosed it now holds 839,000 ETH with no debt on its balance sheet, generating over $900 million in unrealized gains since launching its Ethereum treasury strategy in ￰15￱ company plans to tokenize its common stock on Ethereum and stake part of its holdings on Linea, a Layer 2 network developed by ￰16￱ Lubin, SharpLink chairman and Consensys founder, said the company would continue accumulating ￰17￱ to data from StrategicETHReserve, corporate treasuries hold approximately 5.70 million ETH, representing 4.71% of supply, while spot Ethereum ETFs collectively own around 6.93 million ETH, representing 5.73%.) October 10, 2025 Resistance levels sit at $4,412, $4,792, and ultimately $4,956, which are previous ￰18￱ consolidation between $4,000 and $4,800 creates a decision zone for future ￰19￱ $4,250 to $4,300 support has held through multiple tests, though it is now showing signs of ￰20￱ most probable near-term scenarios include continued range-bound trading between $4,000 and $4,600, potential breakdown toward $3,800 to $4,000 if support fails, or breakout toward $4,700 to $5,000 if momentum ￰21￱ it stands now, Ethereum faces genuine uncertainty at current levels, with the $4,250 to $4,300 support zone ￰22￱ this level holds and corporate accumulation catalyzes additional buying, ETH could advance toward Newton’s $5,500 target within weeks.

However, failure to maintain support would likely trigger a correction toward $3,800 to $4,000, with the massive validator exit queue adding downside pressure. Currently, both scenarios remain viable; however, the current technical setup favors consolidation before the next directional move materializes.