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.
Source: PR NewswireInterestingly, 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.
Source: CryptoquantAt 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.
Source: CryptoquantThe 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.
Source: TradingViewFinally, Open interest climbed back towards $12.5B, so there were new open positions. Funding rates indicated that longs were back in control as well.
Source: CoinalyzeThat 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.
Source: https://ambcrypto.com/how-a-10b-ethereum-bet-puts-bitmine-in-focus-ahead-of-nyse-listing/


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