Bitmine Adds $213.57M in $ETH, Reaches 4.59% of Supply With $819.86M Still to Deploy

Bitmine, the Ethereum treasury company backed by investor Tom Lee, disclosed $213.57 million in new $ETH purchases, lifting its on-chain position to 4.59% of circulating supply — approximately $9.32 billion at current prices. Arkham Intelligence ($ARKM) data shows the buys landed while $ETH trades near $1,670, inside a breakdown that has taken the token below every major weekly moving average. The move brings Bitmine within measurable distance of a stated 5% supply threshold, with $819.86 million in additional buying still required to close the gap.

The 5% Target and What It Costs

Bitmine's declared strategic objective is a 5% share of Ethereum's circulating supply. Arkham's on-chain data puts the remaining purchase requirement at $819.86 million at current prices — the arithmetic gap between 4.59% held and 5% targeted. That is not a forecast; it is an identified, unfulfilled demand of a specific size. A single institutional buyer with that quantity still to absorb is a supply-float factor the market can price in, independent of whatever one thinks of the treasury strategy's long-term thesis. The accumulation pattern Arkham documents is consistent with systematic execution against a declared threshold rather than discretionary dip-buying.

$ETH's Technical Damage

$ETH has spent this year unwinding what the source characterizes as a major structural shift. After breaking through the $1,800–$1,900 support range that had held for much of 2026, the token reached lows near $1,500 before recovering to approximately $1,670. That recovery produced a lower high near $2,350 — bearish structure against a 2025 peak above $4,800. The 50-week, 100-week, and 200-week moving averages now all sit above current price, with the 200-week near $2,450 having rejected the most recent bounce. Volume expanded during the decline, pointing toward distribution rather than routine profit-taking.

$1,800 Remains the First Recovery Test

Bulls are attempting to stabilize at the $1,500–$1,600 zone, but the first credible recovery signal requires a return above broken $1,800 support. Until that level is reclaimed, sellers maintain trend control and rallies face overhead pressure. Bitmine's $819.86 million in remaining declared purchases represents a specific, on-record demand source — how much that anchors the float at current or lower levels is the question the chart has not yet answered.