News about Bitmine

Bitmine bought another 12,535 ETH (about $30 million), lifting its holdings to 6,041,481 ETH, or 4.9% of supply and 99% of its 5% target. Chairman Tom Lee blamed the crypto selloff on a broad risk-off shift, including AI funding and safety worries, U.S.-Iran tensions, midterm jitters and rising bond yields, and called the dip a historically attractive risk-reward entry. Total holdings reached $15.1 billion as of Oct. 18, including 215 Bitcoin, $582 million in cash and marketable securities, and other investments. About 84% of its ETH (5,067,309 tokens) is staked via its MAVAN platform, with projected annualized revenue of roughly $309 million. The position is currently underwater on paper because much of it was bought at higher prices.

Bitmine (NYSE: BMNR) added 12,535 ETH in the past week, bringing its ether holdings to 6,041,481 ETH, but the total value of its assets fell for a second straight week to $15.1 billion as of Oct. 18, down from $16.2 billion and $17.4 billion in the two prior updates. The decline reflects ether valued at $2,365 per token, down from $2,544 a week earlier. Chair Tom Lee said investor risk appetite has contracted amid worries over AI funding and model safety, U.S.-Iran tensions, the U.S. midterm elections and rising global bond yields, and argued that periods when fundamentals hold up while prices fall have historically offered attractive risk/reward opportunities. Besides ether, Bitmine holds 215 BTC, a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings (NASDAQ: ORBS), and $582 million in cash and marketable securities. Its ether equals 4.9% of the 122.1 million ETH supply, short of its 5% goal, and 5,067,309 ETH is staked.