BitMine purchases 32977 Ethereum as BMNR stock rises in pre-market trading
BitMine Immersion Technologies made a significant move in the cryptocurrency market by purchasing 32,977 Ethereum during the last week of 2024. This purchase caused a surge in the shares of BMNR on U.S. exchanges. With this acquisition, the company now holds approximately 4.143 million ETH, which accounts for around 3.43% of the total circulating supply.
The company announced this major ETH purchase through a press release, revealing that its total crypto, cash, and strategic investments amounted to about $14.2 billion. This latest addition to BitMine’s portfolio is part of a larger position that has been gradually built over the course of several months.
Currently, around 659,219 ETH in BitMine’s portfolio is staked to generate yield, while the rest is held in custody. BitMine is gearing up to expand its validator operations through a new initiative called the Made In America Validator Network, set to launch in early 2026.
In the wake of this news, BMNR experienced a surge in trading volume, with pre-market gains reaching up to 4% in certain sessions. Traders identified the ETH purchase as a catalyst for heightened demand for the stock. The company is set to hold its Annual Stockholder Meeting on January 15, 2026, during which shareholders will vote on proposals, including the potential increase in authorized shares.
Analysts are advising investors to pay attention to various factors, including daily ETH market flow, future disclosures from BitMine, and trading patterns of BMNR. BitMine has emerged as one of the more active buyers of Ethereum recently, making its movements in the market closely watched and analyzed by experts.
In a separate development, there have been speculations about Venezuela holding a significant amount of Bitcoin worth billions of dollars. However, concrete evidence to support these claims remains elusive, creating a sense of mystery and intrigue within the crypto community.
