BitMine Stock Stabilizes as Analysts Maintain Bullish Forecast
BitMine stock has been trading steadily at around $25 after adding another 27,180 Ethereum to its treasury. This move lifted its total holdings to 5.96 million ETH, worth almost $15 billion at the company's reported ETH price. Despite this accumulation, shares have remained near Friday's close of $25.03.
Analysts at Cantor Fitzgerald and B. Riley maintain bullish ratings on BitMine stock, citing a sum-of-parts valuation approach that suggests its parts are more valuable than the whole. The company now holds about 4.9% of all ETH coins in circulation, with just under 43,000 more needed to reach its 5% target.
BitMine's goal is to start making money by staking its ETH holdings, which would earn an annual return of around 2.7%. The company also runs MAVAN, a platform that aims to stake other altcoins such as Solana, Sui, and Polkadot. Assuming a terminal goal of 6 million coins and a staking yield of 2.7%, the company would earn 162,000 ETH per year.