BMNR Stock Attempts Bullish Reversal as Bitmine Moves Closer to Controlling 5% of ETH Supply
Bitmine Immersion Technologies is moving closer to its ambitious goal of controlling 5% of Ethereum's total supply, while BMNR stock attempts to break out of a year-long downtrend alongside a broader recovery in cryptocurrency markets.
Quick overview
- Bitmine Immersion Technologies now controls approximately 5.77 million Ether, representing around 4.8% of Ethereum's circulating supply.
- The company has incurred significant unrealized losses of nearly $9 billion on its Ethereum holdings due to a substantial drop in Ether's price.
- Bitmine's pace of Ethereum purchases has slowed, with only 27,801 ETH acquired recently compared to 42,197 ETH the previous week.
- BMNR stock is attempting a recovery after a year-long downtrend, gaining over 10% recently amid improving sentiment in the cryptocurrency market.
Bitmine Immersion Technologies is moving closer to its ambitious goal of controlling 5% of Ethereum’s total supply, while BMNR stock attempts to break out of a year-long downtrend alongside a broader recovery in cryptocurrency markets.
Bitmine Nears Major Ethereum Ownership Milestone
Bitmine Immersion Technologies has announced that it now controls approximately 5.77 million Ether, representing around 4.8% of Ethereum’s estimated circulating supply of 120.7 million tokens.
The latest figures mean the company is now roughly 96% of the way toward achieving its long-term objective of owning 5% of all Ether currently in circulation.
During the past week alone, Bitmine added another 27,801 ETH to its holdings, increasing its exposure to the world’s second-largest cryptocurrency despite ongoing market volatility.
Massive Holdings Come With Significant Paper Losses
Bitmine reported that its total holdings, including cryptocurrencies, cash, and other assets, are valued at approximately $11.3 billion, based on an Ethereum valuation of around $1,820 per token.
However, the company acquired its Ethereum position at an average cost of approximately $3,997 per token.
With Ether trading substantially below that level, Bitmine is currently carrying an estimated unrealized loss approaching $9 billion on its Ethereum holdings.
Despite those losses, management continues to pursue its long-term accumulation strategy and has shown little indication of reducing exposure.
Ethereum Purchases Begin to Slow
Although Bitmine remains committed to expanding its Ethereum reserves, the pace of accumulation appears to be moderating.
The company purchased 27,801 ETH during the latest reporting period, down from the 42,197 ETH acquired during the previous week.
The slowdown suggests management may be becoming more selective in its buying activity as it approaches its 5% ownership target.
BMNR Stock Attempts Technical Recovery
While Bitmine’s cryptocurrency holdings continue to grow, BMNR shares have spent the past year trading in a persistent downtrend.
The stock fell below $13 in late June before beginning a recovery attempt in July as improving sentiment across digital assets boosted investor appetite for crypto-related equities.
BMNR Chart Daily – Buyers Are Pushing Above MAs
BMNR gained more than 10% on Tuesday and climbed back above $16 after softer US inflation data helped revive both Bitcoin and Ethereum prices.
From a technical perspective, however, the stock still faces significant resistance, with a sustained move above the $26 level likely required before investors begin viewing the longer-term trend as bullish once again.
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