Bitmine Expands Ethereum Treasury To $4 million ETH as ETH Nears $3000

TLDR

Table of Contents

Bitmine holds $4.066 million ETH, about 3.37 percent of total supply.
Ethereum trades near $2968 with resistance at $3000 and key support at $2798.
Network growth reaches highest level in over four years, signaling investor interest.
Bitmine targets 5 percent of total ETH supply to tighten circulating supply.

Ethereum is approaching the $3,000 level again as investors monitor network growth and institutional accumulation. Bitmine has expanded its Ethereum holdings to 4.066 million ETH, representing over 3% of total supply. Market participants are watching whether continued network growth and treasury strategies from large holders could provide support for price recovery. ETH trades near $2,968, with the $3,000 mark remaining a key short-term hurdle.

Network Growth Reaches Multi-Year High

Ethereum’s network growth has surged to its highest point in over four years. New addresses joining the network indicate renewed interest among investors, even as prices remain under pressure. This growth strengthens liquidity and broadens participation, offering potential stability for market dynamics.

Strong network expansion may bring fresh capital to Ethereum markets. Analysts suggest that increased participation could sustain buying pressure, particularly if larger investors maintain their positions. On-chain metrics show a notable rise in active addresses, reflecting continued confidence in Ethereum’s long-term prospects.

Bitmine Accumulation Supports Supply Dynamics

Bitmine has expanded its Ethereum treasury to 4.066 million ETH, roughly 3.37% of total circulating supply. The company has publicly set a target to acquire 5% of all ETH. This accumulation could limit circulating supply and exert upward pressure on prices over time.

BitMine just bought another $300M worth of ETH, and crossed 4M ETH in treasury holdings.
Thomas Lee’s firm added 98,852 ETH last week while markets were sliding, bringing total holdings to 4,066,062 ETH, or ~3.4% of ETH’s total supply.
What’s notable: despite the massive… pic.twitter.com/ssSW6C8q6r
— iSura.eth (@isura_eth) December 23, 2025

“Bitmine’s strategy reflects a long-term commitment to Ethereum, which may strengthen market foundations,” analysts note. Such accumulation by institutional holders can stabilize markets by reducing sell-side pressure during periods of volatility. The continued growth of large ETH treasuries aligns with network expansion trends and may influence investor sentiment positively.

Market Metrics and Price Resistance

Despite institutional support, Ethereum’s price faces challenges near $3,000. ETH trades around $2,968, with repeated resistance observed at this level over the past weeks. Recovery above $3,000 is considered essential for continued upward momentum, while failure could expose ETH to short-term pullbacks toward $2,798.

The MVRV Long/Short Difference remains slightly negative, signaling that neither long-term holders nor short-term traders are currently in net profit. This reduces transaction velocity but also prevents significant sell-offs. Analysts indicate that long-term holders may act as stabilizers, absorbing supply when broader market conditions improve.

Outlook for Ethereum

Ethereum requires a 16% increase to reach December’s high near $3,447. The first resistance zone above $3,000 sits around $3,131. Sustained network growth and continued accumulation by entities like Bitmine may generate the buying pressure needed to reach this level.

If Ethereum fails to hold $3,000 as support, short-term volatility could push prices lower. Conversely, ongoing accumulation and strong network participation may provide the base for renewed recovery. Market participants are observing whether these factors combine to stabilize ETH and support higher price levels in the coming weeks.