TLDR
- BMNR stock gained 9.79% to $31.74 after BitMine bought 14,618 ETH for $44.34 million
- Company’s Ethereum holdings now total 3.63 million ETH valued at $10.39 billion
- BitMine aims to own 5% of total Ethereum supply, currently at halfway point
- Ethereum price remains unchanged near $3,000 despite institutional buying
- Stock remains down 37% over past month but institutional interest surges
BitMine Immersion Technologies executed another major Ethereum purchase on November 28. The company acquired 14,618 ETH for $44.34 million through a BitGo wallet transfer.
Bitmine Immersion Technologies, Inc., BMNR
BMNR stock responded with a 9.79% gain, closing at $31.74. After-hours trading added another 3.65% bump. The move came as BitMine continues building toward its ambitious goal of owning 5% of all Ethereum.
The company now controls 3.63 million ETH, representing 3% of total supply. At current prices around $3,027 per token, BitMine’s position is worth approximately $10.39 billion.
This makes BitMine one of the largest corporate Ethereum holders globally. The firm’s enterprise value stands at $12.19 billion with crypto holdings of $11.2 billion, creating a modified net asset value of 1.08.
Aggressive Accumulation Strategy Pays Off
BitMine’s buying pattern shows consistent accumulation during market weakness. The company purchased 28,625 ETH worth $82.11 million earlier in the week. Another 21,537 ETH worth $60 million came from FalconX the day before.
Tom Lee backs BitMine’s strategy. The Fundstrat co-founder has maintained a bullish long-term outlook on Ethereum. BitMine is executing on that thesis by building a massive treasury position.
Corporate Ethereum ownership is expanding rapidly. Companies now hold $24.97 billion in ETH, accounting for 5.01% of total supply. This institutional accumulation signals growing confidence in Ethereum’s future utility for staking and tokenized assets.
The disconnect between stock performance and crypto price is striking. BMNR jumped nearly 10% while Ethereum barely budged from $3,000 levels.
Institutional Money Floods Into BMNR
The real story is happening in BMNR ownership structure. Institutional holdings skyrocketed from 10 million shares to 100 million shares in just one month.
That 10x increase shows major players are betting on BitMine’s accumulation strategy. Wall Street appears more interested in the stock than crypto traders are in Ethereum itself.
Despite the recent bounce, BMNR stock faces pressure. Shares are down 37% over the past month. The stock maintains strong correlation with Ethereum and the broader crypto market.
When crypto falls, BMNR typically follows. The crypto market dropped 22% during the past month, dragging BitMine shares down with it.
Ethereum Refuses to Move
ETH traded at $3,019 despite BitMine’s purchase. The price sits 25% below levels from a month ago.
Volume dried up with a 31% decline over 24 hours. The trading range was narrow between $2,987 and $3,043. Market participants are treading carefully ahead of options expiry.
Several headwinds explain the flat price action. Spot ETH ETF flows remain inconsistent. Market liquidity is thin, meaning even large purchases struggle to move price.
Derivatives data shows mixed signals. Ethereum futures open interest rose 0.71% to $36.20 billion over four hours. But it fell 4% over 24 hours, suggesting trader uncertainty.
Some analysts expect a breakout soon. Technical indicators show an RSI breakout on the ETH/BTC daily timeframe. A weekly close above $3,000 could spark momentum toward $3,300-$3,400.
BitMine is halfway to its 5% target. The company shows no signs of slowing its accumulation regardless of short-term price movements. With institutional money backing the stock and corporate buying continuing, BitMine is positioning itself as a major Ethereum stakeholder.
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