BitMine (BMNR) Stock Jumps as Company Adds 14,618 ETH to Treasury Holdings

TLDR

• BitMine Immersion Technologies bought 14,618 ETH worth $44.34 million on November 28
• The company now holds 3.63 million ETH, representing 3% of total Ethereum supply
• BMNR stock jumped 9.79% to $31.74 following the purchase announcement
• Ethereum price remains flat near $3,000 despite the large institutional buy
• BitMine is targeting ownership of 5% of all Ethereum, roughly 6 million ETH

BitMine Immersion Technologies made another big move on November 28. The company bought 14,618 ETH worth $44.34 million from a BitGo hot wallet.

Bitmine Immersion Technologies, Inc., BMNR

This purchase brings BitMine’s total Ethereum holdings to 3.63 million ETH. That’s about 3% of the entire Ethereum network supply.

The Tom Lee-backed firm has a clear goal. BitMine wants to own 5% of all Ethereum, which equals nearly 6 million ETH. With this latest purchase, the company is now halfway to that target.

At current prices around $3,027 per ETH, BitMine’s holdings are worth roughly $10.39 billion. This makes BitMine one of the largest corporate Ethereum holders in the world.

Corporate Buying Trend Continues

The purchase fits a larger pattern. Companies now hold $24.97 billion worth of Ethereum, representing 5.01% of total supply.

This wave of corporate buying suggests institutions are preparing for Ethereum’s future in staking and tokenized assets. Yet the market hasn’t responded with price action.

BitMine has been on a buying spree recently. Earlier in the week, the company purchased 28,625 ETH worth $82.11 million. The day before that, BitMine acquired another 21,537 ETH worth $60 million from FalconX.

The company’s enterprise value stands at $12.19 billion with total crypto holdings of $11.2 billion. This gives BitMine a modified net asset value of 1.08.

BMNR Stock Reacts Positively

The market showed more enthusiasm for BitMine’s stock than for Ethereum itself. BMNR shares jumped 9.79% to $31.74 on Wednesday. After-hours trading added another 3.65% gain.

Institutional ownership of BMNR has surged dramatically. Holdings increased from 10 million to 100 million shares within just one month.

But the stock still faces pressure. BMNR is down about 37% over the past month. The decline mirrors Ethereum’s performance and the broader crypto market, which dropped nearly 22% during the same period.

The strong correlation between BMNR stock and ETH price means BitMine shares move with crypto market sentiment. When Ethereum struggles, BMNR typically follows.

Ethereum Price Stays Stuck

Despite millions flowing into ETH, the price refuses to budge. Ethereum traded near $3,019 at time of reporting, down 25% from a month earlier.

The 24-hour trading range sat between $2,987 and $3,043. Trading volume dropped 31% in 24 hours, showing caution among traders.

Several factors explain the flat price action. Spot ETH ETF outflows have weighed on sentiment. Institutional confidence remains shaky despite some recent inflows to BlackRock and Fidelity ETFs.

Weak liquidity means even large purchases don’t move the market much. The crypto market faces headwinds heading into options expiry.

Some analysts see potential for a breakout. Technical indicators show an RSI breakout on the ETH/BTC daily timeframe. Closing the week above $3,000 could trigger momentum toward the $3,300-$3,400 range.

Futures open interest in Ethereum jumped 0.71% to $36.20 billion in four hours, though it fell 4% over 24 hours. This mixed signal suggests traders are waiting for clearer direction before making big bets.

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