7/106 sources · 5 publishersUpdated Oct 9, 00:59 UTC
BitMine to halt Ethereum purchases after reaching 5% of supply
BitMine Immersion Technologies announced that it will stop buying Ethereum once its treasury reaches 5% of the total circulating supply, which is about 100,000 ETH away. The firm currently holds 6,016,414 ETH, roughly 4.9% of the 122.1 million tokens outstanding. The news sent BMNR shares down about 5% in pre‑market trading and coincided with a 5% drop in ETH price.
Why it matters
The announcement triggered a 5.2% decline in BMNR stock to $24.84, reflecting investor concern over the end of a major demand source for ETH. Ethereum fell 5% after the news, indicating market pressure from the loss of a large corporate buyer.
Key facts
- 1BitMine holds 6,016,414 Ether, representing roughly 4.9% of the 122.1 million circulating supply. tipranks.com
- 2The ETH holdings are valued at about $15.5 billion based on a price near $2,580 per token. tipranks.com
- 3The company has $643 million in cash and short‑term investments. tipranks.com
- 4BitMine will stop buying ETH once its treasury reaches 5% of supply, needing roughly 100,000 more ETH. tipranks.com
- 5BMNR stock fell 5.19% in pre‑market trading to $24.84. tipranks.com
- 6BitMine reports $4.5 billion in unrealized losses on its ETH position. tipranks.com
Open questions
- Valuation of the ETH holdings varies across sources ($15.5 billion, $16.4 billion, $14.7 billion).
- Reported ETH price differs ($2,562, $2,565, $2,726, $2,448).
Summary written by AlphAI from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.