TLDR

  • BitMine bought $88 million in ETH via BitGo and Kraken on Monday, increasing its holdings by 29,462 ETH
  • The firm now owns 4,066,062 ETH, acquired at an average cost of $2,991 per token, valued at around $12 billion currently
  • BMNR shares have more than doubled since the company implemented its Ethereum treasury strategy in June 2024
  • BitMine targets acquiring 5% of Ethereum’s total circulating supply as part of its bold purchase plan
  • The company intends to generate revenue from its holdings through staking using its forthcoming Made in America Validator Network (MAVAN)

BitMine Immersion Technologies extended its Ethereum purchasing spree with another large buy this week. The firm, led by Fundstrat co-founder Tom Lee, added 29,462 ETH to its treasury on Monday.

The deal was valued at about $88 million. BitMine obtained the tokens through crypto exchanges BitGo and Kraken, per onchain data from Arkham Intelligence monitored by analyst Lookonchain.

BitMine hasn’t officially verified these particular transactions. However, the company did state on Monday that it bought 98,852 ETH the previous week.

The NYSE-listed firm now holds 4,066,062 ETH. These tokens were acquired at an average price of $2,991 per ether. At present prices, the treasury is worth approximately $12 billion.

has established itself as the world’s biggest corporate Ethereum holder. The firm’s strategy centers on amassing 5% of Ethereum’s circulating supply.

Tom Lee, BitMine’s Chairman, voiced confidence in the firm’s advancement. “We’re making quick progress toward the ‘alchemy of 5%’ and already seeing the synergies from our significant ETH holdings,” Lee said in Monday’s announcement.

Stock Performance Since Treasury Strategy Launch

BMNR shares have provided strong returns for investors. The stock has risen over 110% since the company adopted its Ethereum treasury plan on June 30, 2024.

BMNR Stock Card

Shares closed at $31.09 on Tuesday, a 1.52% drop for the day. The stock previously surged from single-digit prices to over $50 before settling at current levels.

The market seems to view BitMine as a leveraged proxy for exposure. Investors point to Ethereum’s lead in decentralized finance, stablecoins, and real-world asset tokenization.

Revenue Strategy Through Staking

BitMine intends to earn revenue from its ETH holdings via staking operations. The firm is gearing up to launch its Made in America Validator Network (MAVAN).

This staking method adds a revenue element to the treasury strategy. The company runs with a debt-free balance sheet and keeps a well-defined accumulation goal.

Lee highlighted BitMine’s role as a link between traditional finance and blockchain technology. “We’re a key player connecting Wall Street’s shift to the blockchain through tokenization,” he noted. “And we’ve been deeply involved with the key groups leading cutting-edge development in the DeFi community.”

Data from DefiLlama confirms Ethereum remains the leader among all blockchain networks in DeFi activity by total value locked. This dominance continues even with competition from other Layer-1 blockchains.

Ethereum traded at $2,954.98 on Tuesday, falling 2.3% for the day. Retail sentiment on ETH via Stocktwits was in ‘bearish’ territory with ‘low’ message volume.

BitMine’s aggressive purchasing continued despite volatility in cryptocurrency markets. The firm’s consistent accumulation strategy reflects a long-term belief in Ethereum’s role in transforming global finance.