BitMine Immersion Technologies expanded its Ethereum reserves by 9,946 ETH last week, pushing its total to nearly 5.79 million ETH. This surge brought BMNR shares up by almost 11% on Monday as Ethereum prices climbed back above $1,900.
Ethereum Treasury Growth and Staking Strategy
The latest purchase extends BitMine’s weekly buying streak that began early this year, adding to last week’s 7,430 ETH acquisition. BitMine now holds about 4.8% of Ethereum’s total supply, edging closer to its 5% ownership target. Most of these assets are staked 4.9 million ETH locked up for network rewards making up roughly 85% of BitMine's Ethereum portfolio and currently valued near $9.6 billion.
Staking offers a steady income stream through network rewards but also ties the company’s valuation tightly to Ethereum’s price swings. This strategy amplified BitMine’s exposure as ETH recovered, reaching its highest price point in ten weeks.
Share Buybacks and Market Reaction
Alongside its Ethereum purchases, BitMine stepped up share repurchases, buying back 6.1 million BMNR shares last week. This increased the total buybacks to 11.6 million under its $4 billion program. Chairman Tom Lee pointed to the strengthening ETH-to-Bitcoin ratio, now at a three-month peak of 0.3, as a key reason for the accelerated buybacks.
Lee highlighted technical analysis suggesting Ethereum could soon hit $2,000 and potentially $2,500 if current momentum persists. He referenced BitMine adviser Tom DeMark, who draws parallels between Ethereum's price moves and the S&P 500’s performance after the 1987 crash.
Meanwhile, BMNR shares traded between $16.67 and $18.02 before closing at $17.51, marking a 10.89% gain. Despite the jump, the stock faces resistance near its 100-day moving average, testing the strength of its upward trajectory.
This content is informational and does not constitute financial advice.
