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BitMine (BMNR), the largest Ethereum treasury firm, makes biggest ether purchase of 2026

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BitMine Immersion Technologies (BMNR), the largest corporate holder of the second largest cryptocurrency, ether , made its largest ETH purchase of the year last week following a key shareholder vote that gave the company fresh room to raise capital.

The firm said Monday it added 40,302 ETH — worth almost $117 million at current prices — to its treasury, bringing its holdings to over 4.24 million tokens, or 3.52% of ether’s supply.

The firm’s crypto and cash holdings now total $12.8 billion, including 193 bitcoin , $682 million in cash, and stakes in Eightco Holdings and its $200 million investment in Beast Industries, the venture founded by YouTube creator MrBeast.

The purchases followed shareholders’ approval of an expansion of BitMine’s authorized share count, enabling the company to raise additional funds through equity issuance. That financial flexibility allowed BitMine to resume more aggressive accumulation after signaling earlier this month that buying could slow without new authorization.

BitMine said it has also staked over 2 million ETH — nearly half of its total holdings — turning a significant portion of its treasury into a yield-generating asset. The firm’s rapid pace has contributed to congestion on the Ethereum staking network, where the wait time to become a new validator has now reached 54 days.

The company anticipates generating over $400 million in annual pre-tax income on its ether holdings, Chairman Tom Lee said at a shareholder meeting earlier this month.

Read more: Tom Lee’s BitMine pushes Ethereum into $8 billion staking backlog

Polygon (POL) Drops 4%, Leading Index Lower

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2688.53, down 1.8% (-47.97) since 4 p.m. ET on Friday.

Two of 20 assets are trading higher.

Leaders: LTC (+1.3%) and APT (+0.3%).

Laggards: POL (-4.0%) and ICP (-3.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

XRP Price May Consolidate for Longer Before a ‘Liftoff’ to $10

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XRP (XRP) may see another sharp rise to a double-digit price, but similar market setups in 2022 and 2017 pointed to an extended consolidation period before this happens.

Key takeaways:

  • XRP macro setup targets $10, but an extended consolidation is required before any sharp liftoff.

  • XRP holds strong $1.80–$2 support since December 2024, which has historically produced 35%-90% price rebounds.

  • Onchain data suggest XRP is at levels that have previously preceded sideways price action. 

XRP’s needs “longer accumulation” before rebound

XRP defended the $1.78–$2 support band that it has held since December 2024, as shown in the chart below.

XRP/USD weekly chart. Source: Cointelegraph/TradingView

The XRP/USD pair has bounced 35%-90% each time it has retested this support base. 

It can gain as much as another 57% by year’s end if the setup plays out in the same way.

Related: XRP metric echoes setup that preceded 68% price fall

Analyst Mikybull Crypto said XRP is “preparing for liftoff” citing formidable support near the 2021 high at $1.96.

Source: Mikybull Crypto

“The price pattern is copying the previous bull run,” analyst CryptoBull said, referring to XRP’s consolidation around its previous all-time highs as seen in past cycles.

The “only difference is time, which makes sense, as we need longer accumulation for higher prices,” CryptoBull added.

XRP/USD weekly chart. Source: CryptoBull

Note that after dropping below its previous highs in 2022, the XRP/USD pair oscillated from $0.30 to $0.70 for more than three years before breaking out with a 390% run in December 2024.

If a similar scenario plays out, XRP price may consolidate around $2 (2021 highs) for an extended period before a massive upward breakout.

“The next impulse will take XRP to $11 and the last wave to $70,” CryptoBull added.

XRP is ‘undervalued’ at $1.90, but for how long?”

Onchain data also highlights similarities between the current XRP market setup and previous bull cycles.

XRP’s net unrealized profit/loss (NUPL) indicator has entered the “capitulation zone (red),” a position that is typically associated with cycle bottoms. 

The NUPL measures the difference between the relative unrealized profits and losses of XRP holders.

In previous market cycles, the transition to capitulation has coincided with extended price consolidation periods, as shown in the chart below.

XRP: Net Unrealized Profit/Loss. Source: Glassnode

The market value to realized value (MVRV) ratio also supports this consolidation thesis. With a current daily reading of 1.23, significantly lower than a peak of 14.73 in 2017 and 2021’s 3.9, the metric suggests XRP is relatively undervalued. 

This lower MVRV ratio indicates reduced profit-taking pressure and increased potential for sustained price appreciation.

Before this happens, XRP price may consolidate for some time before embarking on a sustained recovery.

XRP: MRVR extreme variation pricing bands. Source: Glassnode

As Cointelegraph reported, holding $1.80–$2.00 and reclaiming $2.22 would keep XRP’s bullish case intact, fueled by latent buying pressure, which is slowly building up in the futures market.