BitMine Immersion Technologies Continues Aggressive Ethereum Accumulation Amid Market Stabilization
BitMine Immersion Technologies (BMNR) recently purchased 102,259 ETH, valued at approximately $320 million, marking another significant addition to its Ethereum treasury. This purchase follows a previous week's buy of around $429 million, BitMine's largest since October, reflecting its aggressive accumulation strategy.
Currently, BMNR holds a total of 3,967,210 ETH, representing about 3.2% of the circulating supply and valued at over $12.4 billion. In addition, the company possesses 193 BTC (approximately $17 million) and $1 billion in cash reserves.
Tom Lee, the BMNR chairman, noted that Ethereum holdings are steadily increasing as cryptocurrency prices have stabilized, signaling a potential recovery after the shock in October. Lee expressed optimism for positive developments in digital assets by 2025, including favorable legislation and strengthened support from Wall Street, which support BitMine's ongoing strategy to increase its Ethereum stake toward a 5% target.
Moreover, BMNR is advancing efforts with The Made in America Validator Network (MAVAN), a staking solution designed to generate yield on its holdings. This staking program is expected to produce up to $400 million annually.
Despite these developments, BMNR shares experienced a decline of about 7% on the day, trading around $32.48. Ethereum prices remain near $3,010, down roughly 2% in the last 24 hours. Lee remains confident that Ethereum has bottomed out for the year.
