Ethereum News: BitMine Acquires 10,399 ETH Fueling Price Rally Hope to $2,000

Key Insights:

• BitMine bought another 10,399 ETH, taking its total holdings close to 5.8 million Ethereum.
• BlackRock launched two tokenized money market funds on the Ethereum network.
• Ethereum price held above $1,850 as traders watched for a possible move to $2,000.

Ethereum news is back in focus after BitMine bought another 10,399 ETH, BlackRock launched two tokenized funds on Ethereum, and traders watched whether steady buying could push Ethereum price from $1,850 toward the $2,000 level.

BitMine Grows Ethereum Holdings With Fresh ETH Purchase

Ethereum news gained fresh attention after BitMine Immersion Technologies added another 10,399 ETH to its treasury last week, the company said. The latest purchase increased the company’s total holdings to 5,797,813 ETH, valued at about $10.9 billion. BitMine said 4,917,189 ETH is staked, which means about 85% of its Ethereum holdings are earning staking rewards.

The company also holds 209 Bitcoin, $173 million in cash and marketable securities, and another $241 million in investments that include Beast Industries and Eightco. Together, its crypto assets, cash, securities, and other investments are worth about $11.3 billion.

BitMine said it now owns about 4.8% of Ethereum’s total supply. It needs another 237,187 ETH to reach its goal of holding 5% of all Ethereum in circulation. The company expects its staked ETH to bring in about $291 million in annual staking rewards.

BitMine also said it has bought Ethereum every week since it started its ETH treasury strategy. Last week, it repurchased 4.5 million BMNR shares. That brings total share buybacks under its $4 billion programme to 16.1 million shares.

The company describes itself as the largest corporate holder of Ethereum and the second-largest crypto treasury after MicroStrategy. It has also joined the Russell 1000 large-cap index.

Its investors include ARK, Founders Fund, Pantera, Kraken, Galaxy Digital, Digital Currency Group, Bill Miller III and Tom Lee. The latest purchase adds to the growing interest in companies that are building large Ethereum reserves instead of holding only Bitcoin.

Ethereum News: BlackRock Brings Two Tokenized Funds To ETH

BlackRock also made fresh Ethereum news after launching two tokenized money market funds on the Ethereum network, the Ethereum Institutional report showed. Its $6.2 billion BlackRock Select Treasury-Based Liquidity Fund, known as BSTBL, now has a tokenized share class on Ethereum. BNY will serve as both the transfer agent and tokenization provider.

The second fund, called BRSRV, was launched at the same time. Securitize will act as the transfer agent and tokenization provider for that fund.

Both funds invest in cash, short-term United States Treasury securities, and overnight repurchase agreements backed by Treasuries. BlackRock said they are expected to qualify as reserve assets for permitted United States payment stablecoin issuers under the GENIUS Act.

BlackRock manages more than $15 trillion in assets. Its cash management business oversees more than $1 trillion, while the company already manages about $60 billion in stablecoin reserves. The move shows that one of the world’s biggest financial firms is continuing to build products on Ethereum.

ETH Price Eyes $2,000 After Holding Support

Ethereum price stayed above the $1,850 level, a point that traders have been watching closely. Market commentator Ted Pillows, with over 310K followers on X, said spot buyers are still active. He believes that continued buying could help the market move higher if the current support level remains in place.

His view is that the ETH price could rise to $2,000 if Ethereum continues to trade above $1,850. For now, traders will keep watching whether buying from companies like BitMine, new products from firms such as BlackRock, and steady demand in the spot market can help support the next move in the Ethereum price.

Those factors are likely to remain part of Ethereum news in the coming days. However, the forecasts presented in this article reflect technical analysis at the time of writing and are subject to change without notice.

The article is only for informational purposes and not financial advice. The cryptocurrency market is highly volatile, and readers should evaluate risks carefully before investing.

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