BitMine Buys Record 45,759 ETH—Can It Stop BMNR Breaking Below $15 Support?
BitMine Immersion Technologies (NYSE:BMNR) bought 45,759 Ethereum (CRYPTO: ETH) last week for over $90 million—its largest weekly purchase this year.
The Buying Spree Continues
BitMine’s total ETH holdings reached 4,371,497 tokens worth $8.7 billion at current prices, representing 3.62% of total ETH supply.
The company also raised its cash pile to $670 million alongside a $200 million stake in Beast Industries, bringing total assets to $9.6 billion.
Staking generates meaningful revenue despite losses. BitMine has staked 3,040,483 ETH—69% of total holdings—generating $176 million in annualized rewards at a 2.89% yield.
When MAVAN, the company’s proprietary staking solution, launches in Q1, annual staking rewards could reach $252 million.
Chairman Tom Lee defended the accumulation after attending Consensus Hong Kong, citing three long-term growth drivers …
About The Author
