Key facts
- Bitmine acquired 12,535 ETH in the past week.
- The company now holds 6,041,481 ETH, representing 4.9% of total supply.
- Bitmine's total staked ETH is 5,067,309, valued at $12 billion.
- BMNR stock fell to around $21, down over 1% at market open.
- Tom Lee cited AI funding, safety, U.S.-Iran tensions, midterm elections, and rising bond yields for reduced risk appetite.
Ethereum treasury firm Bitmine has acquired 12,535 ETH over the past week, continuing its consistent purchasing strategy. The company now holds 6,041,481 ETH, representing 4.9% of the total Ethereum supply, with 5,067,309 ETH staked, valued at $12 billion. This purchase occurred as Bitmine's stock, BMNR, declined alongside the broader crypto market. Chairman Tom Lee attributed the contraction in investor risk appetite to concerns over AI funding and safety, escalating U.S.-Iran tensions, anxiety surrounding U.S. midterm elections, and rising global bond yields. He noted that these factors have led to selloffs in AI stocks and related markets, which often spill over into crypto.