Key facts
- Bitmine purchased 27,801 ETH in the past week.
- The firm's total ETH holdings now stand at 5,770,038 ETH.
- This represents 4.8% of the total ETH supply.
- Bitmine has staked 4,917,189 ETH, with projected annual staking revenues of $242 million.
- Tom Lee views the Robinhood Chain as a bullish catalyst for Ethereum.
- BMNR stock is trading down following the announcement.
Ethereum treasury firm Bitmine announced it has acquired an additional 27,801 ETH over the past week, bringing its total holdings to 5,770,038 ETH, which represents 4.8% of the total ETH supply. The firm has maintained weekly ETH purchases since the start of the year, despite an unrealized loss of approximately $9.2 billion on its holdings, with an average purchase price of $3,374.
Bitmine has also staked 4,917,189 ETH, projecting annualized staking revenues of $242 million. Chairman Tom Lee highlighted the successful launch of the Robinhood Chain as a significant bullish catalyst for Ethereum, noting that it uses ETH as the native gas token and settles transactions on the Ethereum network. He pointed to the chain's daily transaction volume exceeding 7.6 million and a dollar volume surpassing $1 billion as indicators of its utility and product-market fit for Ethereum.
Despite the significant ETH accumulation, Bitmine's stock, BMNR, has seen a decline, trading around $14.72, down nearly 2%, according to TradingView data.