BMNR
BitMine’s ETH buying spree is still very much alive
BitMine Immersion Technologies just added another 111,942 Ethereum to its pile, because apparently the company looked at the recent pullback and thought, “More, please.” The new buys bring its holdings to 5.39 million ETH, worth about $11.5 billion, or roughly 4.47% of Ethereum’s circulating supply.
The “alchemy of 5%” gets a little less theoretical
Chairman Tom Lee says BitMine is still chasing what he calls the “alchemy of 5%” — basically the company’s goal to control a chunky slice of Ethereum’s supply by sometime in 2026. That’s not a normal balance-sheet strategy; that’s more like a whale trying to become a super-whale.
A few other numbers worth keeping an eye on:
- BitMine says its crypto, cash, and moonshot investments total $12.3 billion
- It has staked 4.71 million ETH, worth more than $10.1 billion
- The company says its staking setup could eventually throw off about $276 million a year in rewards at current yields
Why investors should care
This is less about a one-off crypto purchase and more about BitMine building a giant Ethereum-treasury machine in public. If ETH keeps climbing, the company looks brilliant. If ETH gets wobbly, well, the balance sheet starts to look like a very expensive roller coaster.
Big picture: BitMine is betting that Ethereum is becoming the financial plumbing of the internet, and it’s buying like the bill is due tomorrow.