- Bitmine now holds 5.78 million Ethereum coins as it navigates a possible breakout from $2,500 per ETH.
- The company also revealed that it accelerated its common stock repurchases to strengthen its balance sheet.
Bitmine Immersion Technologies (BMNR) has been unwavering in its commitment to capture 5% of Ethereum’s (ETH) total supply. Notwithstanding Strategy’s (MSTR) fifth consecutive week of missing out on its Bitcoin (BTC) purchases, the company chaired by Fundstrat founder and analyst Thomas “Tom” Lee has allocated roughly $19.37 million to top up its Ether treasury over the past week.
Bitmine’s Ethereum Portfolio
On Monday, Bitmine disclosed that it added 9,946 ETH to its stash. It didn’t reveal the exact rate at which it acquired the coins, but its report valued the latest batch of purchases at $1,948 per ETH.
The move raises Bitmine’s digital asset treasury (DAT) portfolio to 5,787,414 ETH. It translates to between $10.74 billion and $11.15 billion at Ether’s fluctuation from $1,856.34 to $1,926.50 over the last 24 hours.
To date, Bitmine’s haul accounts for nearly 4.8% of Ether’s 120.68 million circulating supply. It edges closer to the company’s target of securing 5% of the asset’s total supply under its “Alchemy of 5%” goal.
In addition to Ether, Bitmine’s holdings include 208 BTC, a $180 million stake in Beast Industries, a $61 million stake in Eightco Holdings (ORBS), and $268 million in total cash and marketable securities.
To optimize its DAT strategy, Bitmine staked almost 85% of its Ether holdings across its proprietary MAVAN (Made in America Validator Network) and partners. The venture generates approximately $254 million in annualized staking revenues.
Tom Lee Watches Out for Possible Breakout From $2,500
Lee said Bitmine also resumed its common stock repurchase to strengthen its balance sheet. Following a 5.5 million repurchase a week prior, it again bought back 6.1 million in common shares.
The chairman explained that they decided to increase Bitmine’s buyback rate to capitalize on the rising ETH/BTC ratio, indicating broader market strength and momentum shifting toward Ethereum. It comes amid persistent macro headwinds and uncertainty over the CLARITY Act’s passage in the Senate.
Citing other technical strategists, Lee highlighted that Ether has been traversing a 10-week high. He claimed that the trend suggests possible breakouts to $2,000 per ETH and then to $2,500 per ETH in the near term.
Lee particularly attributed his forecast to the recent observations of Tom DeMark, founder and CEO of DeMARK Analytics. DeMark notably saw ETH exhibiting the same price patterns as the S&P 500 before its post-Oct 1987 recovery, which could result in massive gains if the trend sustains.
