Bitmine adds 8,573 ETH as holdings reach 6.06 million
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Key points
- Bitmine Immersion Technologies (NYSE American: BMNR) purchased another 8,573 Ethereum (ETH), lifting its total holdings to 6,060,506 ETH.
- The company reported total holdings worth approximately $14.5 billion, including cryptocurrency, cash and other investments.
- Chairman Tom Lee linked the purchase strategy to confidence in Ethereum despite market concerns following the Binance security incident.
Bitmine Immersion Technologies Inc (NYSE:BMNR) acquired 8,573 ETH over the past week, bringing holdings to 6,060,506 tokens.
The position represents 4.9% of Ethereum’s 122.2 million circulating supply, placing Bitmine close to its 5% accumulation target.
“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive,” Bitmine Chairman Tom Lee said in a statement.
Lee argued that Ethereum’s limited price decline after the Binance security incident contrasted with its reaction to Bybit’s 2025 hack.
“We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size,” Lee said.
Bitmine had staked 5,227,037 ETH worth approximately $11.8 billion through its MAVAN platform and staking partners.
Its reported holdings totalled $14.5 billion, including 216 Bitcoin (BTC), $498 million in cash and marketable securities, and other investments.
Following the announcement, Bitmine shares were down 3.17% to $19.54.
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