- Bitmine Immersion Technologies has doubled its stock price over six months by increasing its Ethereum (ETH) holdings.
- Recent on-chain data shows Bitmine acquired over 29,000 ETH, worth about $88.4 million, from exchanges such as Kraken and BitGo.
- The company aims to hold 5% of Ethereum’s total supply and currently owns over 4 million ETH.
- Investors view Bitmine as a leveraged proxy for Ethereum and staking, as Ethereum continues to lead in decentralized finance according to DeFiLlama data.
- Bitmine plans to monetize its ETH via staking with its upcoming Made in America Validator Network (MAVAN).
Bitmine Immersion Technologies has accelerated its accumulation of Ethereum (ETH), with new on-chain activity revealing the company bought more than 29,000 ETH on Monday, totaling approximately $88.4 million. The acquired assets were transferred from addresses affiliated with major exchanges Kraken and BitGo, as shown by Arkham Intelligence. This purchase comes as Bitmine continues its strategy to build an extensive ETH treasury, an effort it began in June.
Following this latest accumulation, Bitmine now holds more than 4.06 million ETH and is working towards controlling 5% of the total circulating supply of Ethereum. There has not yet been an official statement from the company regarding these recent transactions.
On Tuesday, Ethereum was trading at $2,954.98, marking a 2.3% day-over-day decline. Meanwhile, shares of Bitmine Immersion Technologies closed at $31.09, experiencing a 1.52% decrease for the day. Despite this short-term movement, Bitmine’s stock price has soared by over 110% since June 30, when it first adopted its Ethereum treasury plan. The stock peaked above $50 before stabilizing at current levels.
Investor sentiment toward Bitmine’s shares is influenced by the company’s approach as a proxy to Ethereum price movements and its ongoing ETH accumulation. According to DeFiLlama, Ethereum maintains its dominance in decentralized finance (DeFi), stablecoins, and tokenized real-world assets, outpacing other Layer-1 blockchains by total value locked.
Bitmine is also preparing to generate additional revenue by staking its ETH through its planned Made in America Validator Network (MAVAN), slated to begin operations in early 2026. This initiative is set to further leverage Bitmine’s debt-free financial position and clarify the company’s aim as a significant institutional participant in the Ethereum ecosystem.
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