Bitmine Acquires $154M of ETH, Raises Holdings to 4.37% Supply
BMNR•Bitmine Immersion Technologies purchased $154 million of Ethereum last week, adding 71,672 ETH to raise its holdings to 5.28 million tokens (4.37% of circulating supply) toward its 5% target. The firm’s shares have slid 39% year-to-date to around $18.95 and dropped another 5.4% after ETH dipped below $2,200.
1. Aggressive Ethereum Acquisition
Over the past week, Bitmine Immersion Technologies purchased $154 million worth of Ethereum, adding 71,672 ETH compared with 26,000 the prior week as crypto prices fell below $2,200 driven by rising crude oil costs.
2. ETH Holdings and Supply Target
The latest purchase lifts Bitmine’s total Ethereum holdings to 5.28 million tokens, representing 4.37% of circulating supply and bringing the firm closer to its stated goal of owning 5% of Ethereum’s supply.
3. Stock Performance and Market Drivers
BMNR shares have declined 39% year-to-date to approximately $18.95 per share and plunged 5.4% in a single session, reflecting the heightened inverse correlation between ETH and oil prices and broader market volatility.
