Bitmine (BMNR) Stock: Tom Lee Sees More ETH Upside as Firm Closes In on 5% Supply

TLDR

• Bitmine bought 27,180 ETH last week worth around $68 million, bringing total holdings to 5.96 million ETH.
• The firm now controls 4.9% of Ethereum’s total supply and needs roughly 144,000 more ETH to hit its 5% target.
• Chairman Tom Lee says the ETH-BTC price ratio hit its highest level since January 30, breaking a downtrend in place since 2022.
• Bitmine has staked over 5 million ETH through its MAVAN platform, projecting hundreds of millions in annualized staking revenue.
• Total holdings including cash and other assets now stand at $15.8 billion, with BMNR included in the Russell 1000.

Bitmine added another 27,180 ether last week, valued at roughly $68 million at Monday’s ETH price of just above $2,500.

BitMine Buys 27,180 ETH, Bringing Holdings to 5.96M ETH

BitMine said it acquired 27,180 ETH over the past week, bringing its total holdings to 5.96 million ETH as of September 13. The position represents about 4.9% of Ethereum’s 122 million ETH supply, putting the company 98%… pic.twitter.com/r5oLTgiA9T

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