BitMine Immersion Technologies (BMNR) deepened its Ethereum accumulation despite the market downturn, purchasing 41,788 ETH last week. The operation, valued at $96 million, raised its total holdings to 4,285,125 tokens, equivalent to 3.55% of Ethereum’s circulating supply.
The drop in ETH price to $2,300 generated unrealized losses of approximately $6 billion on the company’s treasury. The combined value of its crypto, cash, and equity holdings fell to $10.7 billion. BMNR shares dropped 5% at Monday’s U.S. open, hitting seven-month lows.
BitMine maintains nearly 2.9 million ETH in staking, around two-thirds of its holdings, projecting $188 million in annualized staking revenue. The company continues its weekly purchases and has not announced any changes to its asset allocation strategy.
Thomas Lee, the firm’s chairman, reports that Ethereum blockchain activity remains at record levels in transactions and active addresses, despite the token’s price decline.
Source: https://x.com/fundstrat/status/2018316763180495212
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