BitMine Snaps Up Another 28,086 ETH, Total Holdings Now Over $14 Billion
BitMine Immersion Technologies, an Ethereum treasury company, has continued its buying streak by purchasing another 28,086 ETH. This acquisition brings the total holdings to approximately 5.929 million ETH, valued at around $14.78 billion at the time of writing.
The company has staked most of its Ethereum through its Made in America Validator Network (MAVAN), creating an additional source of income alongside potential gains in ETH's market value. BitMine estimates that the staking position produces around $330 million in annualized revenue.
According to Tom DeMark, founder of DeMark Analytics and a capital-markets adviser to BitMine, Ethereum may be preparing to continue its earlier rally. DeMark pointed out that ETH moved sideways in August without suffering a downside break, and a 12-day technical metric also expired, supporting the renewal of the previous uptrend.
BitMine's strategy combines direct exposure to ETH's price with staking income, differentiating it from treasury companies that hold cryptocurrencies without deploying them productively. The company remains optimistic about Ethereum following its recent consolidation.