Summary
- Last week, BitMine acquired approximately 112,000 ETH, valued at about $237 million, marking its largest ETH purchase this year.
- The company now possesses close to 5.4 million ETH, achieving over 88% of its target of 5% of the circulating supply.
- On Tuesday, shares of BMNR rose by more than 4% in early trading.
BitMine Immersion Technologies, a publicly traded firm focused on Ethereum, added 111,942 ETH worth over $237 million to its holdings last week, representing its most significant ETH purchase to date this year.
This latest acquisition brings BitMine's total ETH holdings to 5,390,404, valued at around $11.4 billion, as Ethereum traded at approximately $2,117 on Tuesday morning.
Currently, BitMine controls over 4.4% of the circulating ETH supply and is more than 88% toward its goal of reaching 5%, which its chairman, Tom Lee, expects to achieve "sometime in 2026."
(Note: Tom Lee is also an investor in Decrypt’s parent company, Dastan).
Lee previously indicated that the company would moderate its Ethereum purchasing pace to avoid hitting the 5% threshold too quickly. However, he stated last week that with ETH priced below $2,200, the firm viewed this as an "attractive opportunity" to bolster its holdings.
"We continue to predict a supercycle for crypto and Ethereum, fueled by both Wall Street tokenization and agentic-AI. Therefore, we are steadily acquiring ETH, with BitMine now owning nearly 5.4 million ETH tokens,” he remarked.
Out of the 5.39 million ETH held by the firm, over 4.7 million ETH—valued at nearly $10 billion—is being staked through its industrial staking platform, the Made in America Validator Network (MAVAN). Based on current staking figures, BitMine anticipates generating over $276 million in annualized staking revenues.
Shares of BitMine (BMNR) have risen around 3.3% since the market opened, trading at $19.51. Despite this increase, shares have declined nearly 12% in the past month and over 38% in the last six months.
The company expects a liquidity boost next month as it will be included in the Russell 1000 index, which tracks the largest 1,000 companies in the U.S. Lee suggested that this inclusion may trigger automated demand from passive index funds and ETFs.
Currently, Ethereum, BitMine's treasury asset, has decreased by 2% in the last 24 hours to around $2,078. The second-largest cryptocurrency by market capitalization has experienced a decline of over 11% in the past month and remains about 58% below its all-time high of $4,946 recorded in August.