Bitmine Nears 5% Ethereum Supply Target with $75M Weekly Buy, Holdings Hit $16.3B
BMNR has more than doubled off its 52-week low of $12.8.
Summary
Bitmine's Ethereum holdings have reached 6,001,302 tokens, 4.9% of supply, with total crypto, cash and marketable securities of $17.2 billion as of Sept. 27. The holdings are valued at approximately $16.3 billion, following a recent acquisition of 27,562 ETH worth $75 million this week. The company also disclosed 5.07 million staked ETH, projecting an annualized staking revenue of $357 million. Chairman Tom Lee declared a crypto bull market is underway, citing Ethereum's 6,519 basis point outperformance quarter-to-date and anticipating institutional inflows in the fourth quarter, amid signs that the "crypto winter" has concluded. These figures, reported through a series of weekly 8-K updates, mark a new high and underscore the scale of Bitmine's treasury strategy.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Bitmine's ETH holdings reached 6,001,302 tokens, 4.9% of supply, with total crypto, cash and marketable securities of $17.2 billion as of Sept. 27.
At the time of this announcement, BMNR was trading at $27.49 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $15.7B. 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 9 out of 10. Source: The Block.