Bitmine Immersion Technologies has added 10,399 ETH to its treasury, increasing its total holdings to 5,797,813 ETH, equivalent to approximately 4.8% of Ethereum’s circulating supply. This purchase follows the company's acquisition of 9,946 ETH during the previous week, adding over 20,000 ETH to its treasury within two weeks.
Ethereum Holdings
According to Chairman Tom Lee, the continued accumulation is linked to Ethereum’s recent performance against US technology stocks, with ETH outperforming the Nasdaq 100 by 25% in July.
BMNR Stock Performance
Despite the accumulation, BMNR stock fell to $17, with investors weighing the company's mounting unrealized losses, estimated at $8.8 billion on its Ethereum position.
Staking Strategy
Bitmine has placed most of its Ethereum treasury into staking, with 4,917,189 ETH staked, representing nearly 85% of its total holdings, and potentially generating $247 million in annualized staking revenue.
