BitMine adds $74 million of ETH as price jumps 6% on Clarity Act

Ethereum surged 6.08% to $1,869.71 on July 6, spurred by BitMine Immersion’s $74 million purchase of 42,197 ETH and chairman Tom Lee’s optimism that the proposed U.S. Clarity Act will bring regulatory clarity to the asset【2】.

BitMine’s renewed buying pace

After a week‑long slowdown that saw weekly purchases fall 74% to 26,659 ETH (≈$62 M)【1】, BitMine reversed course, adding 42,197 ETH worth about $74 million at the current price of roughly $1,750 per token【2】. The acquisition lifted its holdings to 5.74 million ETH, representing 4.8% of Ethereum’s circulating supply and edging the firm closer to its “Alchemy of 5%” target【2】.

Market impact and broader context

Ethereum’s price rise coincided with the buying spike, pushing the token above the $1,850 support level that has anchored recent rallies. The price gain follows a period where ETH outperformed Bitcoin, a trend Lee cited as reinforcing confidence in the asset’s upside amid regulatory developments【2】. BitMine’s treasury now totals over $12 billion, with more than 90% of its ETH staked to generate an estimated 2.86% annual yield, underscoring its long‑term commitment to the network despite short‑term buying adjustments【1】.

What to watch

• $1,850 support: a breach could test the recent upside momentum.
• Clarity Act progress: any legislative movement may reignite buying pressure.
• BitMine’s next purchase window: a repeat of the recent acceleration would signal continued institutional confidence.

BitMine’s latest purchase highlights a renewed institutional push into Ethereum as regulatory clarity looms, but the firm’s earlier slowdown reminds markets that large‑holder activity can swing momentum in both directions. The key question now is whether the Clarity Act will materialize quickly enough to sustain the current price rally.