BitMine Immersion Spends $98M on 51,162 ETH as Shares Approach $10-12 Support
BitMine Immersion purchased 51,162 ETH for $98 million, lifting its holdings to 4,422,659 ETH (3.66% of supply) after investing $16.4 billion in its ETH treasury, which now trades at half cost. Its shares fell 3% toward the $10-$12 support zone, trading below key EMAs ($22.17 20-day, $26.87 50-day, $31.05 200-day).
1. Major ETH Acquisition
BitMine Immersion purchased 51,162 ETH for $98 million in its latest buy, bringing total holdings to 4,422,659 ETH, or 3.66% of the network’s supply, as of February 22.
2. Treasury Valuation and Staking Revenue
The firm has spent $16.4 billion accumulating its Ethereum treasury, which now trades at roughly half cost, and earns $171 million annually by staking over 3 million ETH at a 2.89% yield.
3. Divergence with Co-Founder Sales
While BitMine continued its accumulation, Ethereum co-founder Vitalik Buterin sold 1,869 ETH worth $3.67 million over two days, coinciding with a 5.7% drop in ETH from $1,988 to $1,875.
4. Technical Outlook for Shares
Company shares fell about 3% to $19.49, trading below the 20-day EMA of $22.17, the 50-day EMA of $26.87 and the 200-day EMA of $31.05, and are nearing a critical $10-$12 support zone that could accelerate selling if breached.