BitMine Immersion Technologies (BMNR) shares climbed higher on Monday after the company announced yet another Ethereum purchase. The crypto miner bought 76,881 ETH last week, pushing its total holdings to 5.62 million ETH — that's about 4.66% of Ethereum's entire supply.
BitMine is now 93% of the way toward its stated goal of owning 5% of Ethereum's 120.7 million supply by 2026. That's a lot of ETH, and the market seems to like it: shares were up 8.44% at $17.47 at the time of publication.
The company has 4,718,677 ETH staked, generating annualized projected staking rewards of $219 million. That's a nice cash-flow backstop for a company that's essentially running a giant crypto accumulation machine.
BitMine's total crypto, cash, marketable securities, and other holdings now stand at $10.4 billion, including stakes in Beast Industries and Eightco Holdings. The company also raised $273.8 million net through a Series A preferred stock offering, which carries a 9.5% annual dividend paid weekly.
Chairman Tom Lee addressed the recent ETH pullback, saying it "does not reflect strengthening Ethereum fundamentals" and called the current environment the "early stages of crypto spring." That's a bullish take, and BitMine is putting its money where its mouth is.
Strategy's Bitcoin Playbook
BitMine isn't the only company hoarding crypto. Strategy Inc. (MSTR) bought 1,587 Bitcoin for $100 million last week, bringing its total holdings to 846,842 BTC worth about $56 billion. Strategy funded the purchase and a $100 million increase to its USD Reserve through stock sales, raising $209 million via its at-the-market program without selling Bitcoin or using existing cash. It's a similar playbook: use equity to buy more crypto, and let the market reward you for it.
Momentum and ETF Exposure
BitMine's momentum is strong. According to market data, the stock scores a 90.05 on momentum — that's bullish, meaning it's outperforming the broader market. The verdict: BitMine's momentum-driven story suggests strong performance relative to the market, which could provide a solid foundation for future growth, especially given the company's recent achievements.
BitMine also has significant weight in several crypto and blockchain ETFs:
- VanEck Digital Transformation ETF (DAPP): 5.45% Weight
- Global X Blockchain ETF (BKCH): 9.93% Weight
- Schwab Crypto Thematic ETF (STCE): 4.14% Weight
Because BMNR carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock. That's something to watch for investors tracking the stock's movements.
BitMine's strategy is clear: accumulate Ethereum, stake it for yield, and let the market revalue the stock accordingly. So far, it's working.
