TLDR
- BitMine staked an additional 140,400 ETH, valued at $282 million, on February 11.
- The company’s total Ethereum holdings now stand at 4.37 million ETH, worth approximately $8.5 billion.
- BitMine’s Ethereum holdings account for 68% of its total portfolio.
- The recent stake moves BitMine 72% closer to its target of holding 3.58% of the circulating Ethereum supply.
- Thomas Lee expressed confidence in Ethereum’s recovery and its long-term potential.
BitMine has staked an additional 140,400 ETH, valued at $282 million, on February 11, expanding its Ethereum holdings. This move brings the total staked holdings to 2.97 million ETH, valued at approximately $6.01 billion. BitMine’s total Ethereum holdings now stand at 4.37 million ETH, or roughly $8.51 billion, underscoring its aggressive strategy in the Ethereum market.
BitMine’s Ethereum Holdings Continue to Grow
BitMine’s Ethereum holdings have surged following a recent acquisition of 140,400 ETH, pushing its total to 4.37 million ETH. At the current price of $1,951.93 per ETH, these holdings are worth around $8.51 billion. This accumulation represents 68% of BitMine’s total holdings, reflecting its unwavering commitment to the Ethereum network.
The company has made it clear that its goal is to hold 3.58% of the circulating supply of Ether. This strategy, which the company refers to as the “Alchemy of 5%,” aims to capture a substantial share of the market. BitMine is about 72% of the way toward reaching its goal, with the recent stake pushing it closer to its target.
Thomas Lee’s Confidence in Ethereum’s Recovery
Thomas Lee, Executive Chairman of BitMine, emphasized the company’s belief in Ethereum’s long-term potential. “The best investment opportunities in crypto have presented themselves after declines,” Lee stated. He pointed to the V-shaped recovery patterns Ethereum has shown in the past, predicting that such a recovery would likely occur in 2026.
Lee further explained that BitMine’s Ethereum staking operations have generated a yield of 3.32%, surpassing the Composite Ethereum Staking Rate of 3.11%. At full scale, the company projects staking rewards of $374 million annually, or more than $1 million per day. These earnings would be generated once all of BitMine’s Ethereum is staked through its MAVAN network and its partners.
BitMine’s Financial Situation and Stock Performance
Despite its aggressive accumulation strategy, BitMine’s stock, NYSEAMERICAN: BMNR, has faced volatility. The stock ended the day at $19.95, reflecting a 6.99% drop, before recovering slightly to $20.15 after hours. Over the last six months, the stock has dropped by more than 59%, showing investor nervousness amid the company’s large-scale investments.
Bitmine Immersion Technologies, Inc., BMNR
BitMine’s exposure to high-growth private ventures is also in focus, particularly its investment in Beast Industries. The company owns about 4% of Beast Industries, which is looking to expand through acquisitions, such as its recent deal to acquire the Gen-Z-focused banking app Step.
