Crypto
Bitmine Sprints Towards 5% Ethereum Control as ETH Prices Near $2,450
Publicly traded firm Bitmine Immersion Technologies announced it has boosted its Ethereum holdings to 5.90 million ETH, putting it within striking distance of controlling 5% of the network's circulating supply.
Ethereum prices have jumped about 33% in August while BMNR shares ripped roughly 38%, with the stock now about 45% lower over 12 months and nowhere near its 52-week high of $65.60.
Bitmine has effectively turned BMNR into a corporate proxy for Ethereum, with Tom Lee citing an 80% correlation between BMNR and ETH.
The company owns 211 BTC worth $16.4 million, $541 million in U.S. dollars and marketable securities, a $180 million stake in Beast Industries, and an $81 million position in Eightco, a DAT that holds Worldcoin (WLD).