Bitmine Buys $3 Billion in Ethereum, Signals Sharp Upside

Bitmine Immersion Technologies (NYSE: BMNR) has revealed that it purchased 27,180 ether over the past week. This acquisition brings Bitmine's total treasury to 5,956,378 ETH, which is approximately 4.9% of the Ethereum supply.

The company's holdings now comprise a significant portion of its balance sheet, with staked ether totaling 85% of its current holdings, valued at $12.7 billion at the stated price.

Bitmine has projected annualized staking revenue to be around $334 million, based on a 2.62% seven-day yield. The company also holds other assets, including cash and marketable securities worth $549 million, a $180 million stake in Beast Industries, and an equity stake in Eightco Holdings valued at $98 million.

Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, believes that ether is set up for a sharp move higher. He points to the August trading data and the expiration of a 12-day metric as supporting this view.