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Ether (ETH) is trading at $1,758 on June 4, down 2.89% on the day and 64% below its all-time high of $4,954, set on Aug. 25, 2025, according to CoinGecko data.
The price has broken decisively below the February 2026 cycle trough, leaving the $1,716 intraday low as the only near-term structural reference before opening air toward $1,600.
The decline is not a single-event collapse. ETH has printed lower highs and lower lows since late April’s $2,400 peak, grinding through a series of compounding headwinds: Ethereum Foundation leadership departures, Bankless co-founder Ryan Adams’ public exit from the ecosystem, and a macro risk-off rotation that has pressured the broader digital asset market.
On June 3, Bitmine filed a preliminary prospectus supplement with the Securities and Exchange Commission (SEC), announcing a public offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock at a stated value of $100 per share. At full subscription, the raise totals $300 million. Proceeds are designated for ETH accumulation, MAVAN validator expansion, and working capital.
The shares are expected to list on the New York Stock Exchange (NYSE) under the ticker BMNP within 30 days of issuance and are underwritten by Moelis and Cantor Fitzgerald.
The structure mirrors Strategy’s preferred stock playbook: Strategy issued STRK at 8% and STRC at 10% to attract income-seeking institutional capital that would not purchase Bitcoin (BTC) outright. Bitmine’s 9.50% rate slots between the two and carries a critical structural difference: The dividend is partially self-funded by staking income.
As of May 31, 2026, Bitmine held 5,416,901 ETH, representing 4.49% of the 120.7 million ETH supply, with 4,718,677 staked via MAVAN at a 2.73% seven-day annualized yield, generating projected annualized staking revenues of $258 million and rewards of $296 million at full scale. The annual dividend obligation on 3 million shares at 9.50% is $28.5 million. Current staking revenues cover that figure more than ninefold.
Bitmine chairman Tom Lee framed the accumulation thesis in a May 31 holdings update: ETH has fallen 62% from 2025 highs, while Ethereum daily transactions and active addresses both hit all-time highs in 2026. At $1,758, Bitmine’s ETH position is worth about $9.52 billion against a cost basis Lee has acknowledged was built near $3,500 per ETH, representing an unrealized loss of $9 billion.
The preferred stock offering is the company’s answer to that gap: generate yield from staking income, attract new institutional capital, and continue accumulating into price weakness.
Charts and technical data from TradingView confirm a uniformly bearish stack of moving averages (MAs).
Price sits below every major moving average: the 10-day exponential moving average (EMA) ($1,934.26), 10-day simple moving average (SMA) ($1,956.51), 20 EMA ($2,022.57), 20 SMA ($2,037.99), 30 EMA ($2,075.54), 30 SMA ($2,126.12), 50 EMA ($2,130.63), 50 SMA ($2,205.34), 100 EMA ($2,234.65), 100 SMA ($2,156.65), 200 EMA ($2,474.16), and 200 SMA ($2,471.73). The Hull moving average (MA) at $1,792.91 is the only short-term average within striking distance of the current price and is pointing lower. The gap between the current price and the 200 EMA sits at $716, approximately 41%.
Oscillators confirm the trend’s severity. The relative strength index (RSI) at 17.80 is the most oversold reading on the daily chart since the February 2026 trough. This level has historically preceded sharp relief rallies even in structurally weak markets. The moving average convergence/divergence (MACD) registers -101.48, a sell signal. The average directional index (ADX) reads 43.68, confirming a strong trend in force. Stochastic %K at 8.62, Stochastic RSI Fast at 0.00, Williams Percent Range at -90.73, and Momentum at -354.07 are all at or near floor readings. The commodity channel index (CCI) sits at -225.30.
Immediate support is at the session low of $1,716.25. A daily close below that level opens the February 2026 trough at approximately $1,700, the last chart reference before the $1,600 band visible as the lower boundary of the multi-year range. On the upside, the Hull MA at $1,792.91 is the first level to reclaim, followed by the session high at $1,818.19. Above that, the 10 EMA at $1,934.26 is the first meaningful resistance from the MA stack. A daily close above $1,934 would be the first structural signal that selling pressure is exhausting.
The Russell 1000 reconstitution is the next binary for BMNR and, indirectly, for ETH. FTSE Russell placed BMNR on the preliminary inclusion list on May 23, confirmed by Lee on X, with BMNR’s market cap clearing the $5.7-billion minimum threshold. Final index decisions are locked in between June 18 and June 26, with the reconstituted index effective at market open on June 29. Lee estimated passive index funds and exchange-traded funds (ETFs) typically hold 20%-25% of a Russell 1000 constituent’s market cap, pointing to estimated inflows of around $2.15 billion for BMNR on reconstitution day.
FTSE Russell published their preliminary index inclusions and deletions
– Bitmine is on this list for inclusion for large-cap Russell 1000
– $BMNR market cap above the minimum $5.7B for large-cap inclusion
– Many active managers only buy equities on the Russell 1000… pic.twitter.com/bNDXM9jwhk— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) May 23, 2026
For ETH, an RSI of 17.80 narrows the risk/reward for incremental sellers. A hold above $1,716 and a close above the Hull MA at $1,792.91 set up a test of $1,934. A daily close below $1,716 reopens the path to $1,600. The preferred stock offering closes, pending market conditions, on or around June 10.
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