Bitmine Immersion Technologies bought 28,086 ETH over the past week, lifting its holdings to 5,929,198 ETH and putting the company within roughly 171,000 tokens of its goal of owning 5% of Ethereum's supply. Chairman Tom Lee pointed to ether's outperformance against other macro assets, while adviser Tom DeMark said his indicators point to another move higher.
Bitmine Immersion Technologies bought 28,086 ETH over the past week, lifting its holdings to 5,929,198 ETH as of September 7. That leaves the company roughly 171,000 ETH short of its target of owning 5% of Ethereum's supply.
Holdings near $15 billion
At $2,495 per ETH, Bitmine's total ether position is now worth about $14.8 billion. The company said it now holds 4.9% of Ethereum's 122.0 million token supply. The latest purchase, worth about $69.4 million at Tuesday's ether price of $2,472, slowed from 53,501 ETH the previous week.
Of the total tokens, 5,067,309 ETH, valued at $12.6 billion, are staked through the company's MAVAN staking platform and partners, representing 85% of its balance. Bitmine projected annualized staking revenues of $330 million based on a 7-day annualized yield of 2.61%. Beyond ether, the company reported 211 bitcoin, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings, plus $593 million in cash and marketable securities. Combined holdings totaled $15.7 billion as of September 7.
Ether may resume its climb
Chairman Tom Lee said ether outperformed the S&P 500 by 5,430 basis points in the third quarter through September 4, adding that the top three performing assets since June 30 are ETH, BTC and SOL. He said this sets the stage for institutions to add to their crypto holdings given crypto's outperformance versus other macro assets. Ether has traded mostly sideways near the $2,400 to $2,500 range over the past two weeks, digesting its 35% rally in mid-August.
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said his technical indicators point to another potential move higher in the coming weeks. According to CoinDesk: "We believe this further supports the continuation of the prior uptrend." Maintaining last week's pace, Bitmine could reach its 5% target in less than seven weeks.
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