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BitMine Nears 5% Ethereum Cap After Adding 12,532 ETH to Treasury

BullishMedium impact
BMNR$23.98 −0.21%ETHUSD$2,517.37 −0.67%BMNP$99.60 0.07%MSTR$153.96 −0.25%BTCUSD$82,569.67 −1.34%HOOD$108.46 −0.51%

BitMine Immersion Technologies Inc. (NYSE:BMNR) acquired 12,532 additional Ethereum (CRYPTO:ETHUSD) tokens last week, bringing its total holdings to 6,028,946 ETH as of Oct. 11. The digital asset stockpile represents roughly 4.9% of the total 122.1 million ETH supply. Together with cash and marketable securities, total liquid holdings at BitMine now stand at $16.2 billion.

The recent purchases move the firm closer to its target cap of 5% of all circulating Ethereum, set by Chairman Tom Lee. Hitting that threshold will trigger a complete stop on further ETH acquisitions. Corporate treasury accumulation permanently removes tokens from circulation, creating a structural reduction in active market supply as institutions hold assets long term.

BitMine needs approximately 100,000 more tokens to reach the 5% threshold, which would take six to seven weeks at its recent buying pace. Investors are also keeping an eye on key chart levels for BMNR stock, which faces technical resistance near its 20-day moving average of $25 while testing trendline support around $23.

Key points

  • BitMine Immersion Technologies purchased 12,532 ETH last week, increasing its total balance to 6,028,946 ETH.
  • The company's total crypto, cash, and marketable securities reached $16.2 billion.
  • BitMine holds 4.9% of circulating ETH and plans to stop buying upon reaching a 5% supply cap.
  • At recent buying speeds, BitMine is estimated to reach its purchase cap in six to seven weeks.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

How much Ethereum does BitMine currently hold?

BitMine holds 6,028,946 ETH as of Oct. 11, which equals 4.9% of the total circulating Ethereum supply.

When will BitMine stop buying Ethereum?

BitMine plans to halt purchases once it reaches a 5% supply cap, requiring roughly 100,000 additional ETH, estimated to take six to seven weeks.

What is the total value of BitMine's liquid holdings?

BitMine reported $16.2 billion in total crypto holdings, cash, and marketable securities.