TL;DR
- Bitmine significantly increases its Ethereum holdings during price declines.
- The company’s shares have fallen over 80% from their July peak.
- Bitmine is heavily investing in Ethereum staking for long-term revenue.
Bitmine adds more Ethereum as prices touch the $2,800 range. A linked wallet absorbs new inflows and records another 28,625 ETH transfer from the FalconX hot wallet, the regular counterparty for the company.
Tom Lee, founder of Bitmine and long-time ETH supporter, maintains direct ties to the activity. Just a few days earlier, Bitmine acquired 21,000 ETH, pushing total purchases above $82M in the recent accumulation wave.
Operators tracking large wallets confirm repeated inflows during a month when ETH slides below $4,000 and later under $3,000. Bitmine extends its treasury by 10% over the same period. The average acquisition cost still sits above $4,000 per ETH, creating pressure due to unrealized losses.
BMNR shares trade around $26, near a one-month low and far from the July peak above $135. Bitmine’s mNAV ratio stands near 0.72, indicating share prices align closely with treasury value. BMNR sheds over 80% since July, even as the company keeps adding ETH and aims to secure long-term staking revenue.
Bitmine now controls 2.94% of the ETH supply, moving toward a declared target of 5%. Institutional ownership near 31% helps maintain a base of support. A group of 353 holders increases exposure near the end of September, a period marked by higher ETH optimism. Only a small group reduces positions, including Sassicaia Capital Advisers, which sells 38,000 shares and cuts its exposure by 82%.
Bitmine Pushes Toward Large-Scale Ethereum Staking
Bitmine invests heavily in Ethereum staking while ETH trades at discounted levels. The company outlines a plan to generate long-term income from block rewards and fees. Internal projections estimate yearly earnings between $400M and $500M, with payments arriving in ETH.
The company also unveils MAVAN (Made in America Validator Network). Bitmine seeks a role as a secure validator for institutional clients willing to stake large holdings with a known operator. Ethereum’s permissionless system allows any participant to validate, although operators with a clear identity offer greater reliability for institutions.
Bitmine prepares a $0.01 dividend per share based on revenue for 2025. Executives argue that ETH produces staking income while also enabling liquid staking tokens, creating flexibility unavailable in other corporate playbooks.
