Is Ethereum price gearing up for a $4,000 breakout as BitMine chases a 5% supply stake?

Ethereum price is trading around $3,00 per ETH right now. A reasonable base case is a choppy range between roughly $2,400 and $3,600 over the next 6–12 months, with upside capped unless macro and ETF flows turn decisively risk‑on again.

Ethereum price just got an added benefit from Tom Lee’s Ethereum bet: BitMine Technologies has quietly pushed another $500 million into staking, even as Ether trades below the psychologically crucial $3,000 level. The move sharpens the question hanging over the market: does this kind of conviction buying front‑run an ETH recovery, or simply deepen exposure to a drifting asset.

BitMine’s $5.7B Ethereum treasury

BitMine has staked an additional 171,264 ETH, taking its total staked position to roughly 1.94 million ETH worth about $5.71 billion. Altogether, Tom Lee’s firm now controls around 4 million ETH, or nearly 3.5% of the circulating supply, with a stated goal of lifting that share toward 5%. In a January shareholder update, Lee told investors the company expects its ETH treasury to generate “over $400 million per year in staking income,” effectively turning BitMine into a leveraged play on Ethereum’s yield curve.​

Staking hits “risk‑free rate” status

The broader market is moving in the same direction, if less aggressively. Research house Altcoin Vector notes that “30% of the total ETH supply is now staked,” calling it “a historic milestone” that “fundamentally shifts the narrative” as Ethereum “has matured into the world’s most secure digital financial infrastructure.” In their view, “ETH staking has effectively become the ‘risk‑free rate’ of the digital economy” in 2026, a line that captures how on‑chain yield is starting to function like benchmark sovereign debt in traditional markets.​

Price pain, stock underperformance

BitMine’s equity has not yet been rewarded for that scale. BMNR trades below $30, with crypto analyst Bryant describing the $27–$30 band as a “good accumulation range” and arguing the stock is setting up for a “MONSTER move… $5k, then $7K,” language more common in altcoin Telegram chats than Nasdaq filings. The drag is straightforward: after a rejection near $3,350, ETH has slid back under $3,000, with analysts warning that failure to reclaim $3,050 opens room toward $2,600, while a push through $3,250 and $3,650 would confirm renewed upside momentum.​

Market views: a “sleeping giant”

Despite near‑term weakness, some traders frame this as coiled energy rather than decay. Crypto analyst Merlijn The Trader calls Ethereum “a sleeping giant,” pointing to tightening weekly compression, “higher lows holding” and a MACD “flipping bullish,” and argues that if ETH “breaks the wedge, it won’t grind. It launches.” That conviction echoes BitMine’s balance sheet: if ETH behaves like a high‑beta, yield‑bearing tech index, Lee is effectively long both the asset and the emerging on‑chain “risk‑free” curve.

24‑hour moves in major coins

The short‑term tape remains choppy. Bitcoin is trading around $89,000–$90,000, with Bybit data showing a 24‑hour range between roughly $88,558 and $90,212 on January 23, 2026. Ethereum changes hands near $2,950–$2,965, with a 24‑hour low of about $2,909.60 and a high just above $3,020. Solana sits near $128, having traded between approximately $127.10 and $130.30 over the same period, extending a roughly 11% slide over the past week.