BitMine's 4.8% Stake in Ethereum Sparks Curiosity Amid Price Stagnation

BitMine Immersion Technologies (BMNR), a firm listed on the NYSE, recently disclosed that it has acquired 10,399 Ethereum tokens, lifting its total holdings to 5.797 million ETH, which accounts for 4.8% of all Ethereum in circulation.

The acquisition is part of BMNR's $4 billion authorized repurchase plan and comes as Ethereum trades at $1,852.60, down 0.33% in the last 24 hours.

BMNR Chairman Thomas Lee noted that Ethereum outperformed the Nasdaq 100 by 2,500 basis points in July, calling it 'the largest outperformance since July 2025.'