BitMine Immersion Technologies expanded its ETH treasury by about $157 million last week, pushing holdings to roughly 4.88 million ETH. It bought 71,524 ETH during the period, valued around $157 million. The firm now holds 4,874,858 ETH worth more than $10.7 billion as Ethereum trades near $2,208. It holds the largest stockpile of the cryptocurrency.
BitMine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter,’ BitMine chairman Tom Lee said. Lee’s firm has consistently been adding around $150 million in ETH per week over the last few weeks, boosting the firm’s total holdings to more than 4% of the circulating supply, and it is now more than 80% of the way to its goal of 5%. It is staking 3,334,637 ETH, about $7.3 billion, and last month launched MAVAN to provide institutional-grade infrastructure to Ethereum staking. When fully staked, the firm anticipates earning more than $300 million annually in ETH rewards, according to Lee.
Shares in BMNR were up around 1.7% on Monday, tracking ETH’s gains. Last week, shares in the company were uplisted to the NYSE from the NYSE American, and the firm approved a 300% boost to its share buyback program to $4 billion. It remains unclear if any of the funds have been used to repurchase BMNR shares to date. Over the past six months, BitMine stock has fallen roughly 63% as Ethereum dropped more than 55% from its August all-time high near $4,946.
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