Ethereum gained 8.23% over the past week, trading at $1,874.61 as of July 15, after Bitmine Immersion Technologies disclosed a massive treasury of 5.77 million ETH — representing 4.8% of the total Ethereum supply. The company’s latest filing with the U.S. Securities and Exchange Commission revealed that its total crypto and cash holdings now stand at $11.3 billion, cementing its position as the largest public Ethereum holder.
Bitmine reported $45.7 million in staking and validation revenue for the quarter ended May 31, 2026, accounting for 98% of total revenue. That marks a dramatic transformation from a year earlier, when the company generated just $2 million from machine leasing and Bitcoin mining. Bitmine has staked approximately 4.9 million ETH (85% of its holdings) through its institutional staking platform MAVAN, launched in March after the acquisition of Australian validator operator Pier Two. Chairman Tom Lee stated that at full deployment annualized staking rewards could reach $284 million.
The price rally coincided with $84.4 million in net inflows into U.S. spot Ethereum ETFs, reversing a prior outflow trend. Bitmine’s accumulation mirrors the approach of Strategy with Bitcoin, but with a staking income component that Bitcoin lacks. The company was added to the Russell 1000 index on June 26, and its 2.70% annualized staking yield far outpaces revenue from its self-mining ($624,000) and consulting ($168,000).
However, technical indicators paint a cautious picture. ETH remains below all major weekly moving averages — the MA-20 at $2,009.48, MA-50 at $2,868.76, and MA-200 at $2,475.43. The RSI, CCI, and MACD signal bearish momentum, while the Stochastic RSI nears overbought territory. Bear Power and the Awesome Oscillator show no bullish reversal, suggesting the 8.23% gain may face exhaustion. Analysts project a trading range of $1,790–$1,960 over the next seven days, with a decisive break above $1,960 needed to challenge the bearish consensus.
Bitmine’s next weekly holdings disclosure, expected around July 20, will reveal whether accumulation continued through the rally. The company acquired 27,801 ETH in the most recent reporting week, staying on pace under its “Alchemy of 5%” initiative, which targets 5% ownership by year-end. Separately, the Ethereum Foundation reorganized its privacy task force into EthSystems, a for-profit entity aimed at delivering institutional privacy and compliance solutions, adding another layer to the ecosystem’s enterprise push.
