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Bitmine’s stock price fell 4% during the last trading session of the week as Ethereum dropped below $ 4.3K

BMNR stock was positively correlated with Ethereum on Friday. BitMine’s rise to one of the most liquid US stocks indicates strong trading activity and investor interest, which could generate short-term momentum.

However, this approach also makes the company more vulnerable to fluctuations in Ethereum’s price and the need for continuous capital inflows, especially considering the risk of share dilution and ongoing follow-on offerings. Recent price declines and mixed options sentiment suggest that not all market players will view its recent actions as sustainable, though the company’s aggressive treasury strategy caused a spike in trading.

BitMine Immersion Technologies (BMNR), an Ethereum treasury firm, has increased its cash and cryptocurrency holdings to $ 8.82 billion, including  1,713,899 ETH, making it the largest ETH holder.

BitMine has established itself as a leader in corporate ETH accumulation by boosting its purchases in recent weeks following the launch of its ETH-denominated treasury program in late June. Management reaffirmed on Monday their long-term goal to acquire up to 5% of ETH’s total supply. They stated that last week’s purchases increased their total cryptocurrency plus cash holdings by $ 2. 02 billion from $ 6. 66 billion a week earlier, and boosted their ETH balance by over 190 190,500 tokens from 1. 52 million.

Spot ETH inflows and rising institutional interest have coincided with broader growth in corporate ETH treasuries. The Ethereum treasury fund ETHZilla, backed by Peter Thiel, also disclosed holdings of up to $215 million in cash or cash equivalents and expanded its ETH holdings to 102,237. SharpLink Gaming, another publicly traded ETH buyer, increased its holdings by $667 million.

Public company ETH treasuries now total over $12 billion and account for more than 2% of the approximately 120,7 million ETH in circulation.