BitMine Bets Big on Ethereum with $28M Purchase
BitMine Immersion Technologies (BMNR) has made its largest Ethereum purchase in recent months, buying 28,086 ETH last week. The firm's total holdings of the top altcoin now stand at 5.929 million ETH, worth $14.78 billion at current prices. This significant purchase comes as BitMine advisor Tom DeMark predicts that Ethereum will continue to trend upwards.
DeMark points out that Ethereum moved sideways in August without breaking down, and the 12-day metric expired, indicating a renewal of the upside move. He believes this supports the continuation of the prior uptrend and expects last week's sharp one-day rally was a likely preview of the pending advance.
In addition to its Ethereum holdings, BitMine has also maintained a staking position of 5.067 million ETH via its Made in America Validator Network (MAVAN), with annualized staking revenue at $330 million. The firm's stock has outperformed the Russell 1000 index so far in Q3, with a 99% gain compared to the latter's 4%, thanks to Ethereum's uptrend during the period.