Ethereum
Bitmine Nears 5 Percent Ethereum Supply Target as Stock Closes Down
Bitmine Immersion Technologies acquired an additional 12,532 Ether, bringing its total treasury to over 6 million tokens despite a slight dip in its share price.
Bitmine Immersion Technologies continued its accumulation strategy by purchasing 12,532 ETH last week, following an acquisition of 15,112 ETH the week before. The latest purchases brought the company's total reserves to 6,028,946 ETH, representing roughly 4.9 percent of Ethereum's 122.1 million token supply and leaving it 76,054 ETH short of its 5 percent goal.
Using a reference price of $2,544, Bitmine valued its Ethereum holdings at approximately $15.3 billion. The firm reported total assets of $16.2 billion, which includes $612 million in cash and marketable securities, 214 Bitcoin, and equity stakes in Beast Industries and Eightco Holdings. Additionally, over 5 million of its ETH are staked, yielding an estimated $336 million in annual staking revenue.
Despite the balance sheet expansion, Bitmine shares (BMNR) fell 0.75 percent to close at $23.85 on Monday, with trading volume reaching 11.7 million shares compared to an average of 38.4 million. During the same session, Ether declined 1.5 percent to $2,505.74, amid broader market softening and net weekly withdrawals from Ethereum exchange-traded funds.
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