TLDR
- BitMine stock rose about 6% Monday as Ethereum and Bitcoin moved higher.
- The company now holds 5,983,940 ETH, equal to about 4.9% of Ethereum’s current supply.
- Total crypto, cash and strategic investments reached $17.1 billion.
- More than 5 million ETH is currently staked, producing an estimated $357 million in annualized staking revenue.
- BMNR remains closely tied to Ethereum prices, so falling ETH prices could quickly reduce the value of its treasury.
BitMine Immersion Technologies (BMNR) stock rose about 6% Monday as cryptocurrency prices rallied and the company disclosed another increase in its Ethereum treasury. BMNR traded around $27.30 after closing Friday at $25.99.
Bitmine Immersion Technologies, Inc., BMNR
Bitcoin climbed above $85,000 while Ethereum moved above $2,700 during Monday trading. That broader crypto rally provided another tailwind for companies with large digital-asset holdings.
BitMine said its Ethereum position reached 5,983,940 ETH as of Sept. 20. That represents about 4.9% of Ethereum’s estimated 122.1 million token supply.
The company acquired another 27,562 ETH during the past week. BitMine says it is now 98% of the way toward its stated target of owning 5% of Ethereum’s supply.
BitMine Ethereum Holdings Approach 6 Million
BitMine reported $17.1 billion in combined crypto, cash, marketable securities and strategic investments. That total has risen from $15.8 billion reported on Sept. 14.
The portfolio includes 212 Bitcoin and about $714 million in cash and marketable securities. BitMine also reported investments in Beast Industries and Eightco Holdings.
More than 5.07 million ETH is currently staked. That represents roughly 85% of BitMine’s total Ethereum position.
The company estimates its staking operation is generating around $357 million in annualized revenue. Its seven-day annualized staking yield stood at 2.62%.
Chairman Tom Lee said Ethereum has been one of the strongest macro assets during the third quarter. His comments reflect management’s view rather than a guarantee of future ETH performance.
BitMine’s Ethereum accumulation has expanded rapidly this year. Its reported holdings stood at 5.85 million ETH in late August before increasing to almost 5.98 million tokens this week.
Crypto Rally Adds to BMNR Momentum
BMNR also entered Monday with strong recent momentum. The stock gained 8.79% Friday after rising 4.73% Thursday.
Analyst coverage has added another source of interest. Cantor Fitzgerald and B. Riley have both issued positive ratings on BitMine, although price targets have varied as Ethereum prices and the company’s treasury have changed.
The stock remains highly sensitive to ETH because Ethereum makes up most of BitMine’s asset base. A sharp decline in ETH could reduce treasury value even if the company continues adding tokens and earning staking income.
There are other risks to consider, including dilution, financing costs and the gap that can develop between BMNR’s market capitalization and the value of its underlying assets. Staking income can also change as network yields move.
BitMine’s latest confirmed update puts its Ethereum position at 5,983,940 ETH and total reported holdings at $17.1 billion. The company is now just below its stated goal of controlling 5% of Ethereum’s circulating supply.
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