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Ether (ETH) is trading at $1,680.10 on June 9, down 0.58% on the day, as per TradingView data. The price is holding above the $1,550-$1,600 dotted support band visible on the daily chart, the last structural floor before the November 2023 lows near $1,400.
The session range is tight, a $41.34 spread between high and low, reflecting consolidation rather than capitulation after the multi-week decline from $2,400 in late April. Bitmine Immersion Technologies used that consolidation window to execute its most aggressive accumulation in six months.
On June 8, Bitmine reported total holdings of 5,543,872 ETH as of June 7, representing 4.59% of the 120.7 million ETH supply.
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BitMine provided its latest holdings update for June 8, 2026$9.6 billion in total crypto + "moonshots":
– 5,543,872 ETH at $1,630 per ETH per ETH (per@coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $88 million stake in…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 8, 2026
The weekly addition of 126,971 ETH between June 1 and 7 is Bitmine’s largest single-week purchase since December 2025, executed at prices ranging from $1,630 to $1,720, well below the company’s average cost basis.
Total crypto, cash, and “moonshot” holdings stand at $9.6 billion, comprising 5,543,872 ETH, 204 Bitcoin (BTC), a $180-million stake in Beast Industries, an $88-million stake in Eightco Holdings, and $247 million in cash.
The buying did not stop there. Per Lookonchain, Bitmine withdrew another 25,000 ETH ($42.03 million) from Kraken on June 9 at 5:32 am, with funds routed to wallet address 0x708EC53182. The same-day purchase, made while ETH traded in the $1,654-$1,695 range, extended the weekly accumulation pace into the current session and confirmed that the company is buying into price weakness rather than waiting for technical confirmation.
Tom Lee(@fundstrat)'s #Bitmine bought another 25,000 $ETH($42.03M) from #Kraken 6 hours ago.https://t.co/O8NHtLV4GP pic.twitter.com/m4TtBwUl9Y
— Lookonchain (@lookonchain) June 9, 2026
Tom Lee, chairman of Bitmine, stated that the company increased buying because the latest price decline did not align with what he described as stronger underlying Ethereum fundamentals. Bitmine is 92% of the way to its “Alchemy of 5%” target, requiring approximately 460,000 additional ETH at current supply levels of 120.7 million.
The accumulation is underpinned by a staking operation that partially funds the cost of holding. As of June 7, Bitmine has 4,718,677 ETH staked via MAVAN (Made-in-America Validator Network) at a 2.99% seven-day annualized yield, generating projected annualized staking revenues of $230 million and staking rewards of $270 million at full scale.
That figure covers the annual dividend obligation on Bitmine’s $300-million 9.50% Series A Perpetual Preferred Stock offering filed on June 3, more than eight times over. At $1,680, the total ETH position is worth $9.31 billion. Bitmine holds more staked ETH than any other entity in the world.
The daily ETH/USD chart and technical data from TradingView continue to show every major moving average (MA) above the current price.
The full MA stack: 10-day exponential moving average (EMA) ($1,777.15), 10-day simple moving average (SMA) ($1,800.74), 20 EMA ($1,897.72), 20 SMA ($1,938.29), 30 EMA ($1,974.10), 30 SMA ($2,035.46), 50 EMA ($2,058.21), 50 SMA ($2,148.77), 100 EMA ($2,188.92), 100 SMA ($2,142.40), 200 EMA ($2,441.43), 200 SMA ($2,444.47). The Ichimoku Base Line sits at $1,911.88. The Hull MA at $1,571.74 is the only average below the current price, sitting 6.5% beneath the June 9 close.
The relative strength index (RSI) reads 29.30, in oversold territory and up marginally from 26.97 on June 8, the first uptick after a sustained decline. The average directional index (ADX) reads 49.54, confirming dominant trend momentum is still in force. At that ADX level, RSI oversold readings carry limited mean-reversion weight in isolation. The moving average convergence/divergence (MACD) sits at -141.86, below the signal line.
Immediate support sits at the session low of $1,654.58, then the Hull MA at $1,571.74, and the $1,550-$1,600 chart band. On the upside, the 10 EMA at $1,777.15 is the first level to reclaim. A daily close above $1,777 would be the first structural break in the bearish MA sequence since the decline from $2,400 began.
Bitmine needs 460,000 additional ETH to reach its 5% supply target, providing a consistent demand floor if weekly accumulation rates hold near the pace of June 1-7. The Russell 1000 reconstitution, effective June 29, remains the next binary event for BMNR and, indirectly, for ETH.
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