BMNR
Another week, another ETH shopping spree
Bitmine Immersion Technologies just told the market it bought 7,391 Ethereum last week, pushing its holdings to 5,805,238 ETH — roughly $11.2 billion at $1,928 a coin. That’s not a typo. It also means the company says it’s 96% of the way to its stated goal of owning 5% of Ethereum’s supply.
The Fed is the new crypto side quest
Chairman Tom Lee is hanging a lot of the bull case on macro. With odds of a September Fed rate hike reportedly dropping from 75% to 40%, the pitch is simple: easier financial conditions tend to make risk assets happier, and crypto loves a cheap-money vibe.
The company also said it repurchased 3 million common shares last week, bringing total buybacks to 19.1 million shares since July 1 under its $4 billion authorization. So yes, Bitmine is buying both the coin and its own stock. Very “I believe in me” energy.
Why investors should care
This is the kind of story that can move BMNR even when the headline stock action is red. If Ethereum keeps working, staking revenue and treasury gains can juice the bull case. If crypto cools off, though, the whole trade can start looking like an expensive bet on one very crowded narrative.
Big picture: Bitmine is doubling down on the idea that being the biggest ETH hoarder on the block is a business model, not just a vibe.