BitMine Immersion Technologies has continued to aggressively acquire Ethereum (ETH), adding 71,252 ETH, valued at approximately $152 million, over the past week. This purchase brings their total holdings to over 4.8 million ETH, worth about $10.3 billion, representing nearly 4% of all circulating tokens.
“Despite global market pressures due to ongoing conflicts, it’s noteworthy that ETH is one of the few assets experiencing an absolute rise,” commented BitMine Chairman Tom Lee in a statement. “This trend bodes well for ETH’s leadership role in attracting investors and eventually drawing cash from the sidelines.” (Note: Lee is among several investors in Dastan, parent company of Decrypt.)
The announcement was made shortly after Ethereum experienced a 5.4% increase within 24 hours, with prices around $2,145. Earlier on Monday, ETH reached a weekly high of $2,165.
Ethereum has seen over an 8% rise in the past month, outstripping traditional indices such as the S&P 500 and Nasdaq, which have declined by 2% and 1.80%, respectively, during this period.
“The growth is driven by Wall Street’s increasing use of blockchain for tokenization and the demand from autonomous AI systems for public, neutral blockchains,” Lee added.
Additionally, BitMine has increased its staked ETH holdings to 69% of its total, which is expected to generate around $282 million annually in staking revenues once all Ethereum assets are fully staked.
The company’s shares (BMNR) have risen about 6% since Monday morning, trading at $20.64. BMNR has climbed over 9% in the past month, although it remains down 67% from six months ago as Ethereum has depreciated nearly 57% from its peak of $4,946.