BitMine Acquires $104 Million in Ethereum, Boosts BMNR Stock
- BitMine Immersion Technologies purchased 32,977 ETH for approximately $104 million in the last week of December.
- The company’s total Ethereum holdings now exceed 4.14 million ETH, representing about 3.43% of the total Ethereum supply.
- BMNR stock rose over 3.3%, trading at $32.34 during pre-market hours following the announcement.
- BitMine has staked a total of 659,219 ETH and plans to expand its staking operations through its Made in America Validator Network (MAVAN).
- The company aims to continue acquiring Ethereum as part of its long-term strategy, citing government support and increasing institutional interest.
This acquisition has sparked investor interest in crypto corporate treasuries and may influence broader institutional attitudes towards Ethereum. The upcoming annual shareholders meeting on January 15 will discuss further capital strategies.
With a recent gain of over $104 million in Ethereum holdings, BitMine’s aggressive accumulation strategy is reflected in a notable rise in BMNR stock price following the announcement. (Source)
