BitMine Acquires 50,900 ETH, Holds $800M Cash, Targets 5% Supply
BitMine Immersion Technologies purchased over 50,900 ETH on March 2, raising its holdings to 3.71% of Ethereum supply and nearing its 5% target, while holding $800 million. Chaikin Money Flow and MFI readings show reduced selling pressure, signaling a potential technical rebound from key support toward established resistance levels.
1. Ethereum Accumulation Progress
On March 2, BitMine Immersion Technologies executed a significant acquisition of 50,900 ETH, bringing its total holdings to 3.71% of the outstanding Ethereum supply. This purchase narrows the gap to its long-term goal of controlling 5% of Ethereum, signaling strong commitment to token accumulation.
2. Robust Liquidity Buffer
The company’s cash reserves remain above $800 million, providing ample liquidity to support further ETH purchases and operational needs. Recent weekly acquisitions have ranged between $50 million and $100 million worth of Ethereum, underscoring an aggressive buildup strategy.
3. Technical Indicators Point Higher
Chaikin Money Flow has turned upward and the Money Flow Index exhibits bullish divergence, indicating declining selling pressure on BMNR shares. These technical trends suggest the stock may rebound from key support levels and challenge established resistance in the coming weeks.