Bitmine Immersion Technologies, Inc. (NYSE: BMNR) has significantly increased its Ethereum (ETH) holdings by acquiring 35,628 ETH last week, valued at approximately $110 million currently.
This strategic move has boosted their ETH holdings to 4,203,036 coins, worth around $13 billion, representing 3.48% of the circulating ETH supply.
BitMine Shareholders Vote to Strengthen ETH Holdings
Shareholders of BitMine have voted in favor of bolstering the company’s ETH holdings. A significant majority, 52% of the 500k shareholders, supported increasing the company’s stock to purchase more ETH.
“We interpret the 81% approval for increasing authorized shares as a sign from Bitmine stockholders endorsing our ETH accumulation strategy. We remain committed to not selling shares below mNAV,” stated Tom Lee.
Additionally, BitMine has staked approximately 1,838,003 ETH, valued at about $5.9 billion.
Lee Cautions Traders on Midterm Bearish Sentiment
In a recent interview, Lee warned that Ethereum and the broader crypto market could experience a decline of at least 10% in the near future. He advised traders to consider the geopolitical implications amidst uncertainty caused by the replacement of the Federal Reserve Chair by President Donald Trump.
From a technical analysis perspective, the ETH/USD pair is expected to retest support around $2,680 before potentially reaching a new all-time high. The midterm bearish sentiment for ETH is further influenced by bipartisan delays on the Clarity Act amid growing demand for Gold and Silver.
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