BMNR Stock Gains as Tom Lee’s Bitmine Adds 101,745 ETH To Ethereum Treasury
Highlights
- Bitmine acquired 101,745 ETH last week, bring its total holdings to 5,180,131 ETH.
- The company has also staked 4,362,757 ETH out of its holdings.
- The BMNR stock is up over 3% amid the announcement.
The BMNR stock is up today as Tom Lee’s Bitmiene has further expanded its Ethereum treasury, as the company continues to ramp up its weekly ETH accumulation. The firm has now also notably staked almost all its ETH holdings as it looks to generate more revenue.
Bitmine Adds More ETH, BMNR Stock Gains
In a press release, Bitmine revealed that it bought 101,745 ETH, worth $236.8 million, last week. The company now holds 5,180,131 ETH, worth $12.06 billion, representing almost 4.30% of the total ETH supply. The firm has also staked 4,362,757 ETH and is on course to earn $297 million in annualized staking revenue.
The BMNR stock has gained amid this announcement, trading at around $22.50, up over 3% at the market open, according to TradingView data. The crypto stock is also notably up over 5% in the last five days as Bitmine ramps up its ETH accumulation.
Bitmine’s Chairman, Tom Lee, noted that they have maintained the increased pace of ETH buying over the past four weeks, based on their base case that ETH is in the final stages of the mini-crypto winter. Lee had also highlighted in previous weeks that ETH has outperformed since the U.S.-Iran war began in February.
Notably, the BMNR stock has mirrored Ethereum’s price action, rising almost 19% over the last month. ETH is up almost 14% during this period. However, the crypto stock and ETH remain down year-to-date (YTD).
As part of its recent ETH accumulation, Bitmine has also bought ETH from the Ethereum Foundation in several over-the-counter (OTC) transactions. As CoinGape reported last week, Bitmine acquired 10,000 ETH from the Ethereum Foundation, the second transaction in as many weeks.
“Crypto Spring” Already On The Horizon
Tom Lee indicated that the “crypto spring” is already on the horizon, with ETH and the BMNR stock set to see higher prices. “Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” he noted.
The Bitmine chairman also alluded to the potential passage of the CLARITY Act, or even its failure, as one development that confirms the arrival of the crypto spring. He added that, as for the upcoming drivers of crypto gains, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the network and from the increasing demand from agentic AI systems for public and neutral networks.
The banking and crypto industries have reached a compromise on the stablecoin yield text in the CLARITY Act, clearing one of the major hurdles to the bill’s passage. Tom Lee stated that the compromise is largely acceptable to them and they hope to see the Senate pass the bill this year.
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