Bitmine Keeps Stacking ETH While BMNR Holders Stack Losses 🪨

Bitmine Immersion Technologies disclosed the purchase of an additional 27,801 ETH over the past week, lifting the Ethereum treasury firm's total holdings to 5,770,038 ETH, or 4.8% of the 120.7 million ETH supply. The figure was detailed in a company press release.

The firm, chaired by Fundstrat's Tom Lee, reiterated its goal of accumulating 5% of all ETH, a target Lee said the company expects to reach sometime this year. Bitmine has continued making weekly ETH purchases since the start of the year and now has 4,917,189 ETH staked, with annualized staking revenue projected at $242 million.

BMNR, the company's stock, fell nearly 2% on the day of the disclosure. Lee separately pointed to the Robinhood Chain as a new bullish catalyst for Ethereum, citing its potential to expand onchain activity and use cases for $ETH.

The acquisition follows weeks of accumulation that have positioned Bitmine among the largest corporate holders of Ethereum, with its current holdings exceeding 5.77 million ETH, according to the release.