BitMine Buys More ETH as Ethereum Posts Its Best Price in Over a Month

Monday was a good day for anyone holding Ethereum. The price pushed up to $2,301 at its peak before pulling back slightly to trade around $2,288, a level the market had not seen since early February. BitMine Immersion Technologies chose that same day to announce it had picked up another 60,999 ETH over the prior week, a purchase worth roughly $138 million. The firm’s total holdings are now sitting at 4,595,562 ETH, valued at just over $10.5 billion.

Tom Lee, BitMine’s chairman, said the firm had been nudging up the pace of its buying over the past two weeks, moving from a weekly average of roughly 45,000 to 50,000 ETH to around 60,000. His reasoning was straightforward. He thinks Ethereum is in the final stages of a downturn and that the recent outperformance against traditional markets backs that view up. Since the start of the Iran war, ETH has outperformed the S&P 500 by roughly 24.5 percentage points over the span of just two weeks.

One of the more notable items in the week’s disclosures was a 5,000 ETH purchase made directly from the Ethereum Foundation, worth approximately $10.2 million. That transaction, revealed Saturday, was folded into the weekly total announced Monday. Buying directly from the Foundation rather than on the open market is not something that happens often and signals a level of engagement that goes beyond routine accumulation.

On the staking side, BitMine now has 3,040,515 ETH staked, around 66% of its total stack, generating an estimated $180 million in annualized staking revenue. When its own validator network comes online before the end of Q1, the firm expects that number to climb toward $272 million annually.

BMNR shares were up more than 11% on the day. The stock is still down 59% over the past six months, and BitMine’s unrealized losses on its ETH position remain around $6.5 billion, though the improving price has started trimming that figure.

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Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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