Ethereum asset management firm BitMine Immersion Technologies announced that its treasury holdings have surpassed 4.8 million ETH, accounting for 3.98% of the total circulating supply.
According to reports from CoinDesk and Decrypt, BitMine completed the purchase of 71,252 ETH last week, valued at approximately $152 million. This marks the company's largest single-week accumulation since last December.
Alongside this expansion in holdings, BitMine has officially initiated the process to list its shares (BMNR) on the New York Stock Exchange (NYSE). Following Monday's market open, BMNR shares rose by approximately 6%, trading at $20.64.
Currently, BitMine has staked 69% of its Ethereum assets. The company stated that this strategy has generated $196 million in annual staking rewards; if the entire portfolio were to be staked, projected annual revenue would climb to $282 million.
BitMine Chairman Tom Lee stated in a press release: "Given the downward pressure that global conflict has placed on markets, Ethereum's absolute upward momentum is truly impressive. This is a positive sign, and we expect Ethereum’s leadership to bolster investor confidence and ultimately drive institutional capital into the market."
Market Environment and Future Growth Outlook
Ethereum has shown strong recent performance. Data from Decrypt shows that Ethereum rose 5.4% over the past 24 hours, hitting a weekly high of $2,165. In contrast, the S&P 500 and Nasdaq indices have fallen 2% and 1.8%, respectively, over the past month.
Regarding future prospects, Tom Lee noted: "Ethereum continues to benefit from the dual tailwinds of Wall Street’s push toward blockchain tokenization and the growing demand from autonomous AI systems for public, neutral blockchains."
Despite BitMine's recent aggressive moves, the company's stock is still down 67% over the past six months, largely impacted by Ethereum’s price retreat of 57% from its all-time high of $4,946. However, BitMine has seen a cumulative gain of over 9% in the last month.
