Ethereum Price Hits 6-Week High as Tom Lee's BitMine Reveals Latest ETH Buy
BitMine Immersion Technologies (BMNR) increased its Ethereum (ETH) purchases, acquiring 60,999 ETH ($138 million) last week as ETH prices climbed to a six-week high near $2,301. The firm now holds 4,595,562 ETH, valued at over $10.5 billion. BMNR’s weekly ETH purchases have risen from averages of 45,000–50,000 to around 61,000 in each of the past two weeks. Since the Iran war started, ETH has outperformed the S&P 500 by 24.5%. BitMine recently bought 5,000 ETH directly from the Ethereum Foundation and is expanding its staked ETH holdings, now staking 3,040,515 ETH (about $6.9 billion), which is 66% of its total ETH. Annualized staking revenue is about $180 million, potentially rising to $272 million if all ETH gets staked. Additionally, BMNR invested $75 million more in AI and blockchain firm Eightco, increasing its stake to $83 million, with $1.2 billion held in cash. BMNR shares rose 11% on Monday but remain down 59% over six months. Unrealized losses on its ETH holdings are about $6.5 billion.
