How a $10B Ethereum bet puts BitMine in focus ahead of NYSE listing

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 Newswire

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.

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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: Cryptoquant

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.

Source: Cryptoquant

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.

Source: TradingView

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.

Source: Coinalyze

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.