BitMine Reaches 4.7% of ETH Circulating Supply, Adds $92M in ETH
Publicly traded Ethereum treasury firm BitMine Immersion Technologies has increased its Ethereum holdings to 4.7% of the circulating supply, after adding 52,203 ETH (approximately $92 million) last week. The company now holds 5,672,956 ETH valued at around $10 billion and 205 Bitcoin worth about $13.3 million. Chairman Tom Lee expressed optimism about crypto's future, citing tokenization and AI-driven demand for blockchain. The acquisition coincided with the start of trading for BitMine's dividend-paying preferred equity offering (BMNP) on the New York Stock Exchange, which raised around $274 million to fund further ETH purchases and staking infrastructure. BitMine stakes 83% of its ETH holdings via its Made in America Validator Network, generating potential annualized revenue of $268 million. The firm's stock (BMNR) is up 0.4% on Monday, while ETH rose 1.6% in 24 hours to $1,752. Both assets remain significantly below their recent highs, with BMNR down 90% from its 52-week high and ETH off 64% from its August peak.
Key facts
- BitMine added 52,203 ETH ($92M) last week, now holds 4.7% of circulating supply.
- Company holds 5.67M ETH ($10B) and 205 BTC ($13.3M).
- Preferred equity offering BMNP raised $274M for ETH purchases and staking.
- BitMine stakes 83% of ETH holdings, projecting $268M annualized revenue.
- BMNR stock up 0.4% Monday; ETH up 1.6% to $1,752.
- BMNR down 90% from 52-week high; ETH down 64% from August peak.