Bitmine Immersion Technologies (BMNR) purchased 101,745 ETH last week, increasing its total holdings to 5,180,131 ETH in a continued show of institutional conviction in the Ethereum network.
"This is a major milestone as the company moves towards acquiring 5% of the ETH supply," Bitmine Chairman Tom Lee said in a recent statement regarding the company's accumulation pace. "This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced."
The latest acquisition pushes the firm's total Ethereum treasury to a valuation of approximately $11.75 billion, based on a price of $2,250 per ETH. On-chain data tracked by Arkham Intelligence has previously shown the firm executing large block purchases through institutional platforms like FalconX and direct over-the-counter deals with the Ethereum Foundation. The company has now staked 3.7 million of its ETH, generating an estimated $363 million in annual yield.
This aggressive treasury strategy, which saw the firm acquire over 5 million ETH in just 10 months, highlights a strong bullish stance on Ethereum's long-term value as a programmable base layer for financial transactions. However, the move comes with considerable risk. The company reported heavy losses of US$8.69 million, and its valuation remains heavily tied to the volatile crypto markets. At a price-to-book ratio of 1.2x, Bitmine trades at a steep discount to the US software industry average of 2.8x, suggesting market skepticism about its asset base despite forecast revenue growth of 76.4% per year.
This article is for informational purposes only and does not constitute investment advice.
