Ethereum Price, BitMine Shares Jump as Tom Lee's Treasury Reports Latest Buy
BitMine Immersion Technologies, a publicly traded Ethereum treasury, recently acquired 50,928 ETH ($103 million), increasing its total holdings to 4,473,587 ETH—about 3.71% of Ethereum’s circulating supply, valued at around $9 billion. Despite a roughly 22% decline in ETH price over the last month and unrealized losses of about $7.7 billion, chairman Tom Lee remains confident in Ethereum’s long-term potential, emphasizing its fundamental utility and future role in finance. BitMine continues to increase its staked ETH, now surpassing 3 million ETH staked, which currently generates an estimated $172 million annually. The company expects annual staking revenue to rise to $253 million after deploying its proprietary Made in America Validator Network (MAVAN), targeted to launch in 2026. Currently, BitMine uses three staking providers. Despite aggressive accumulation and staking, BitMine’s share price (BMNR) has dropped 51% over six months, in line with ETH’s broader decline. On Monday, BMNR shares rose about 8.4% to $20.61 alongside a short-term rebound in ETH and the broader crypto market.
