Bitmine has increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of total supply, approaching the 5% target set by Tom Lee. The company was also added to the Russell 1000 Index, which could attract significant passive institutional capital. However, ETH price fell 8% over the week, while BMNR shares dropped 13% weekly and are down over 90% from their yearly high. Staked ETH is expected to generate $246 million in annualized yield.
Bitmine has continued its aggressive accumulation of Ethereum, now holding 5.7 million ETH, or 4.7% of the total supply, just short of the 5% target previously outlined by analyst Tom Lee. The company’s shares were also added to the Russell 1000 Index, a move analysts believe will drive substantial passive institutional fund inflows into BMNR stock. Despite the strategic positioning, near-term market data shows divergence: ETH price declined 8% over the past week, BMNR stock shed 13% weekly, and the share price has collapsed more than 90% from its year-to-date high. On the operational side, Bitmine is generating an estimated $246 million in annualized yield from staking its Ethereum holdings.
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