Bitmine's ETH Holdings Jump to 5.85M Tokens as It Nears 5% Supply Goal
BMNR sits 93% above its 52-week low of $12.8.
Summary
Bitmine's Ethereum accumulation is accelerating. On-chain data shows two new wallets bought 30,000 ETH (~$73.6M) in under an hour, and the company's total holdings now stand at 5,847,611 ETH (~$15B), up from 5.81M tokens reported on August 10. That puts Bitmine roughly 187,000 ETH away from its stated 5% supply target. The buying coincides with a 31.5% weekly ETH rally, and 87% of holdings are staked, generating an estimated $330M in annual revenue. This follows a series of 8-K filings showing steady accumulation since June. The pace of purchases and proximity to the 5% threshold make this a material update for traders tracking Bitmine's crypto strategy.
At the time of this announcement, BMNR was trading at $24.71 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 7 out of 10. Source: Coinpedia.