Ethereum held near a critical support zone on August 3 as Bitmine (BMNR) continued its weekly ETH accumulation strategy, adding 10,399 ETH to its treasury while expanding both staking operations and share buybacks. The purchases place Bitmine among a growing group of public companies deploying crypto as a primary treasury reserve asset, a strategy pioneered by MicroStrategy's bitcoin holdings and increasingly adopted across the digital asset sector.

Ethereum Price Action: ETH Holds Near $1,847

Ethereum traded near $1,847 on August 3 after declining approximately 2% over the preceding 24 hours. The token touched an intraday low near $1,828 after sellers rejected another attempt toward the $1,900 level.

ETH's near-term trajectory depends on whether buyers can defend the $1,800 to $1,850 support zone. Further selling pressure could push prices toward lower levels, with downside risks extending toward $1,700 as support weakens.

Ethereum remains below its 50-day moving average near $1,889 and its 100-day average near $1,927. These levels constitute the first major resistance area for any recovery. A daily close above $1,927 could improve momentum and reopen a path toward $1,975, while a breakout above that level could bring the $2,000 mark back into focus.

Bitmine Adds 10,399 ETH, Extending Weekly Purchase Streak

Bitmine acquired 10,399 ETH during the latest reporting week, extending a purchase streak that has seen the company buy Ethereum every week since launching its treasury strategy on June 30, 2025. The prior week, ending July 26, the company added 9,946 ETH.

The latest purchase raised Bitmine's total holdings to nearly 5.8 million ETH, valued at approximately $10.9 billion at $1,880 per token. The company's total crypto, cash, securities, and moonshot investments reached $11.3 billion.

Bitmine stated that its Ethereum holdings represent 4.8% of the total supply of 120.7 million ETH, leaving the company approximately 96% of the way toward its stated goal of holding 5% of the Ethereum supply. A single corporate entity controlling close to 5% of Ethereum's circulating supply would represent one of the largest concentrated positions in a major proof-of-stake network, a level of treasury accumulation that has drawn attention across the institutional digital asset landscape.

Chairman Tom Lee noted that Ethereum outperformed the Nasdaq 100 by 25 percentage points during July, attributing the move to improving crypto fundamentals and continued institutional interest.

Bitmine Expands Staking Through MAVAN

Bitmine reported 4,917,189 staked ETH, worth approximately $9.2 billion at current market prices. The staked balance represents nearly 85% of the company's total Ethereum holdings.

Using a seven-day annualized yield of 2.67%, Bitmine projects annualized staking revenue of approximately $247 million. The company developed the Made in America Validator Network (MAVAN) to support its treasury operations, with the platform also targeting institutional investors, custodians, and other Ethereum ecosystem participants.

Staking provides Bitmine with an ETH-denominated income stream while retaining the asset on its balance sheet. The approach mirrors a broader shift among institutional ETH holders toward native staking as a yield-generating alternative to passive custody, particularly as Ethereum's network yield has settled into a relatively stable range since the network's transition to proof-of-stake. Actual revenue may fluctuate based on validator performance, network yields, and Ethereum's market price.

BMNR Stock Price Faces Near-Term Resistance

BMNR shares traded near $17.06 following the latest treasury update, remaining below immediate resistance at $17.15, which corresponds to the 61.8% Fibonacci retracement level. A daily close above $17.15 could support a move toward $18.49, with further strength potentially bringing $19.82 and then $21.48 into view.

On the downside, BMNR held above a rising trendline near $16. Stronger support stood near $15.24, while a break below that area could expose $12.81.

Bitmine repurchased 4.5 million common shares during the latest week, marking the third consecutive week of buybacks under its $4 billion share repurchase authorization. The company has repurchased 16.1 million shares since July 1. Management stated that it considers the shares attractively valued relative to Bitmine's Ethereum holdings and long-term strategy.