Ethereum Breaks $1,700 as Tom Lee’s Bitmine Buys $135M ETH

Ethereum tops $1,700 as Bitmine buys $135.6M ETH, raising holdings to 5.62M ETH while traders target $1,850.

Ethereum moved above the $1,700 level as buyers returned to the market. The move placed ETH back near a key short-term price zone.

Traders are now watching whether Ethereum can hold this level as support. A steady reclaim may open a move toward $1,850 and $1,900.

The price move came as Tom Lee’s Bitmine added another large Ethereum purchase. The company bought 76,881 ETH for about $135.62 million last week.

Bitmine now holds 5,620,754 ETH, worth about $9.92 billion at current market prices. Its Ethereum balance equals 4.66% of the total ETH supply.

Ethereum Price Reclaims $1,700 as Buyers Target $1,850

Ethereum traded near $1,718 as of June 14 at 6:00 p.m. ET. Bitmine cited Coinbase data for the price in its latest holdings update.

The move above $1,700 has made that area a key level for traders. If ETH holds above it, buyers may target the $1,850 to $1,900 range.

However, Ethereum still needs stronger price confirmation above the current zone. A move below $1,700 could slow the recovery and bring lower support back into focus.

The latest move also followed broader strength across major crypto assets. Bitcoin and other large tokens showed improved demand as traders entered the new week.

Bitmine ETH Holdings Reach 5.62M

Bitmine bought 76,881 ETH last week for about $135.62 million. The purchase increased its total Ethereum holdings to 5,620,754 ETH.

The company’s average ETH cost stands near $3,450. At current prices, the position is down by more than $9.5 billion on paper.

Bitmine also holds 204 Bitcoin, according to the company update. It also reported a $180 million stake in Beast Industries.

The company listed an $88 million stake in Eightco Holdings under its “moonshots” portfolio. It also reported total cash and marketable securities of $502 million.

Bitmine’s ETH holdings now represent 4.66% of Ethereum’s 120.7 million token supply. This makes the company one of the largest public ETH treasury holders.

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BMNP Set for NYSE Debut After $273.8M Raise

Bitmine closed its Series A Perpetual Preferred Stock offering on June 10. The company sold 3,500,000 shares at $80 per share.

The offering brought in about $273.8 million in net proceeds. That figure came after underwriting discounts, commissions, and estimated company expenses.

The Series A Preferred Stock will trade on the NYSE under the symbol BMNP. Trading is expected to begin on June 16, 2026.

BMNP carries a 9.50% dividend rate, with payments scheduled weekly. The payments remain subject to the terms of the certificate of designations.

Tom Lee said the preferred stock supports Bitmine’s balance sheet strategy. He also linked the dividend plan to the company’s Ethereum staking rewards.

“The Series A Preferred Stock offering is good balance sheet diversification for Bitmine,” Lee stated. He said projected annualized staking rewards of about $219 million can support preferred share dividends.

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