- BitMine Immersion Technologies acquired over 111,942 ETH last week, a $237 million purchase marking its largest ETH-denominated buy of the year.
- The firm now holds 5.39 million ETH, bringing it over 88% of the way to its goal of controlling 5% of the circulating supply by 2026.
- Shares of BitMine (BMNR) jumped more than 4% in early trading following the news, as the company anticipates a major liquidity injection from its upcoming addition to the Russell 1000 index.
- More than $10 billion worth of the firm’s ETH is staked, generating anticipated annualized revenues exceeding $276 million.
Publicly traded treasury firm BitMine Immersion Technologies made its largest Ethereum acquisition of the year last week, purchasing over 111,942 ETH valued at approximately $237 million. This strategic buy significantly advances the company toward its long-term goal of securing 5% of all circulating ETH.
The purchase brings BitMine’s total holdings to nearly 5.4 million ETH, worth around $11.4 billion as Ethereum trades near $2,117. Consequently, the firm now controls more than 4.4% of the total ETH supply, as data shows. Chairman Tom Lee recently telegraphed a slowdown in purchasing velocity to avoid hitting the 5% target too quickly.
However, with ETH trading below $2,200 last week, Lee stated the firm viewed this as an “attractive opportunity” to add to its position. He emphasized continued expectations for a crypto supercycle driven by Wall Street tokenization and AI, according to his statement.
Of the total holdings, over 4.7 million ETH—valued at nearly $10 billion—is being staked via the Made in America Validator Network (MAVAN). Based on current staking figures, this activity is expected to yield over $276 million in annualized revenue for the company.
Meanwhile, shares of BitMine (BMNR) jumped more than 4% in early trading on Tuesday. The firm anticipates a significant liquidity injection next month as it gets added to the Russell 1000 index. Lee hinted that passive index funds and ETFs may create automated demand following the inclusion.
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