BitMine Buys Another $92M In ETH As Its 5% Supply Bet Comes Into View

BitMine Immersion Technologies bought another 52,203 Ethereum (ETH) tokens worth roughly $92 million last week, lifting its holdings to 4.7% of the cryptocurrency's circulating supply.

BitMine Expands Ethereum Treasury

The company disclosed the purchase in a corporate filing, bringing its total to 5,672,956 tokens worth close to $10 billion. Cash and marketable securities stood at $601 million, alongside 205 Bitcoin (BTC).

The haul keeps it the largest corporate holder of Ether and the second-biggest crypto treasury anywhere, behind only Strategy.

The buy trailed the prior week's 76,881 ETH, yet it kept the company on a steady path toward owning 5% of the supply, a target it has now reached 94% of the way to.

The firm raised about $274 million through a preferred share sale on Jun. 10, listing the dividend-paying stock on the New York Stock Exchange. The 9.5% shares pay weekly dividends of about 18 cents. Those payments run through late August, and the company expects staking income to cover them.

Also Read: Ethereum Bears Load Up $85M In Shorts As Traders Chase A Rebound

Tom Lee Eyes Crypto Spring

Chairman Tom Lee reaffirmed his belief that the market sits in the early stages of a crypto spring, saying the "best years for crypto remain ahead." He pointed to tokenization and artificial intelligence as forces that will keep lifting demand for blockchains.

The firm now stakes more than 4.7 million ETH, over 83% of its pile, through its own Made-in-America validator network. That operation earns a 2.73% annualized yield. It projects revenue near $223 million now, with room to reach $268 million once the full treasury is staked.

Ethereum Price Pullback

Ether changed hands near $1,733 on Monday, while BMNR shares popped as much as 6% in early trading before paring gains, in one of the most actively traded names on the US market.

The token has struggled for months, dropping below $2,000 in late March and sliding further since. It now sits roughly 64% under its August record of $4,946. BMNR has fared worse, trading near $16 and about 90% below its 52-week high of $161.

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