Bitmine Adds 32,447 ETH as Ether Breaks $2.5K, Cutting Paper Losses to Below $5B
BMNR sits 94% above its 52-week low of $12.8.
Summary
Bitmine bought another 32,447 ETH last week, bringing total holdings to 5,847,611 ETH (4.8% of supply) and extending its buying streak to 14 months. The purchase coincided with Ether breaking above $2,500 for the first time since January, up 32% since the Treasury announcement. This rally cut Bitmine's unrealized losses on its $19.5B ETH investment to below $5B from over $8.4B a week ago. The company is now 97% toward its 5% supply target and has staked 87% of its holdings. Shares rose 8.7% on the news, adding to a 28% six-month gain. The new purchase was valued at $81 million, and BMNR surged 4%.
At the time of this announcement, BMNR was trading at $24.87 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $15B. The 52-week trading range was $12.80 to $65.60. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.