Bitmine Bolsters Ethereum Holdings Ahead of Expected Price Surge
Bitmine Immersion Technologies (BMNR) has made significant additions to its Ethereum treasury. Over the past week, the company acquired 27,180 ETH, bringing its total holdings to 5,956,378 ETH as of September 13. This represents a substantial increase in value, with the holdings worth approximately $15 billion at an ETH price of $2,513 per token.
As a result, Bitmine now holds 4.9% of Ethereum's 122 million-token supply. The company also reported that its staking operations generated a 7-day annualized yield of 2.62%, with projected annualized staking revenue of $334 million. Additionally, Bitmine's holdings include 212 BTC, a $180 million stake in Beast Industries, and $98 million stake in Eightco Holdings.
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, expects ether to make a sharp upward move in the coming weeks. He cited August trading data, where ETH moved sideways without a downside break, and noted the expiration of a 12-day metric implied a renewal of the prior move.
Chairman Tom Lee also weighed in on the matter, stating that the ETH/BTC ratio had reached its highest level since January 30. He described this as a new uptrend and pointed out that Ethereum has outperformed the S&P 500 by 5,866 basis points in the third quarter.