In brief
- BitMine added another $103 million in Ethereum last week.
- The firm now holds 3.71% of the entire circulating supply, though its unrealized losses sit near $7.7 billion.
- Nevertheless, shares are up more than 8% on Monday as crypto begins to rebound.
Publicly traded Ethereum treasury BitMine Immersion Technologies added another 50,928 ETH or $103 million worth of Ethereum as the second-largest crypto asset continued its slide last week—though ETH is now surging as of Monday morning.
The latest acquisition brings its total haul to 4,473,587 ETH, around 3.71% of the circulating Ethereum supply, now valued at $9 billion as Ethereum trades around $2,037—down about 22% in the last month.
Though its unrealized or paper losses sit around $7.7 billion, according to analytics firm DropsTab, the firm’s chairman Tom Lee remains convinced of the asset’s long-term future.
“BitMine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” said Lee in a statement. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
As the firm continues to accumulate for its balance sheet, it has also increased its share of staked Ethereum, earning yield on its holdings.
“BitMine has staked more ETH than other entities in the world,” said Lee.
BitMine is now staking more than 3 million ETH, which the firm anticipates would result in an annual staking revenue of around $172 million, at current rates. However, when it is fully staked and utilizing its upcoming, self-built Made in America Validator Network (MAVAN), it estimates annual revenues will jump to $253 million.
That figure is derived using a slightly higher staking rate generated by what he said is the firm’s “best-in-class” platform that is expected to be launched during 2026. At present time, though, it is working with three separate staking providers to generate yields.
The firm’s commitment to accumulating and staking Ethereum has not resulted in any shareholder value of late. Shares in BMNR have fallen 51% in the last six months as ETH has slid 59% from its August all-time high.
Shares in the firm are up around 8.4% on Monday at a recent price of $20.61, however, while ETH has posted a 1.1% gain in the last 24 hours. Ethereum is up more than 5% in the last hour, as of this writing, with other assets also surging alongside ETH.
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