Bitmine adds 10,399 ETH as BMNR stock falls

Bitmine Immersion Technologies added 10,399 ETH to its treasury and repurchased another 4.5 million shares, but BMNR stock fell toward $17 as investors weighed its mounting unrealized losses. Summary Bitmine acquired 10,399 ETH, lifting its holdings to 5,797,813 ETH. The company now controls about 4.8% of Ethereum’s total supply. Bitmine repurchased 4.5 million BMNR shares during its third consecutive week of buybacks. BMNR traded near $17.06, with technical indicators showing weak trend strength. Bitmine’s Ethereum holdings approach 5.8 million ETH Bitmine said it acquired another 10,399 ETH over the past week, continuing the accumulation strategy it adopted last year. The purchase increased its total holdings to 5,797,813 ETH, equivalent to approximately 4.8% of Ethereum’s circulating supply. The latest purchase followed Bitmine’s acquisition of 9,946 ETH during the previous week. Together, the transactions added more than 20,000 ETH to the company’s treasury within two weeks. Chairman Tom Lee linked the continued accumulation to Ethereum’s recent performance against US technology stocks. He said ETH outperformed the Nasdaq 100 by 25% during July, its widest margin since July 202...