BitMine is taking its Ethereum [ETH] bet to the NYSE... but all’s not as straightforward as it seems. With exchange reserves falling and more ETH locked in staking, its $10 billion position is effectively a wager on a looming supply squeeze.
BitMine’s $10B ETH bet pushes NYSE uplisting
BitMine is heading to the NYSE with a balance sheet that’s heavily tilted towards Ethereum. As of 06 April, the firm reported $11.4 billion in total holdings, led by 4,803,334 ETH valued at roughly $10.2 billion, based on a price of $2,123.
Interestingly, the portfolio also includes 198 BTC, $864 million in cash, a $200 million stake in MrBeast’s Beast Industries, and $92 million in Eightco Holdings.
The 09 April uplisting will be a key step for the company, with its Ethereum-heavy belief. Chairman Tom Lee recently argued that ETH has outperformed both gold and the S&P 500 since the Iran crisis began.
ETH supply falls, staking climbs
This is happening as (or because of) Ethereum’s exchange supply ratio falls to 0.125 – A decline in the amount of ETH readily available for trading.
At the same time, total ETH staked has climbed to 38.8 million, an ATH. This means a significant portion of circulating supply is now locked up.
The dynamic is simple, really. Less ETH is available for immediate selling, while more is being held for yield. This makes the case for a supply-driven price boost, especially if demand holds or increases.
ETH gives mixed signals
On the daily chart, ETH’s been grinding higher to ... but still stuck. The price held at around $2.1K after a failed push towards $2.3K in mid-March. Recent candles flashed higher lows, which was constructive, but the pace wasn’t as strong.
Additionally, the RSI seemed to be neutral while capital inflows were weak.
Finally, Open interest climbed back towards $12.5B, so there were new open positions. Funding rates indicated that longs were back in control as well.
That said, there’s also the risk of crowding. If pace slows down, late longs could get squeezed.
Final Summary
- BitMine is set to list on the NYSE with $10.2 billion in ETH holdings.
- Falling exchange reserves and a record staking could cause a supply-squeeze powered price push.
