BitMine (BMNR) Acquires $103M in Ethereum, Stock Drops 1.07%
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 5d ago- Ethereum Acquisition: BitMine acquired 34,954 ETH worth approximately $103 million in the past 24 hours, bringing its total holdings to $12.61 billion, representing over 3.5% of total supply; however, the stock fell 1.07%, reflecting dilution concerns.
- Dilution Risk: The company received approval for an increase in authorized shares at the January 15 shareholder meeting, which has overshadowed the positive impact of increased Ethereum holdings, leading to diminished investor confidence in per-share value.
- Technical Analysis Signals: Analysts identified a potential double bottom formation in BitMine's stock price, suggesting a reversal; while the stock tested support near $27-28 before bouncing, it needs to break above resistance at $30-31 to confirm an upward trend.
- Market Focus: Despite the substantial Ethereum holdings and weekly staking activities providing organic NAV growth, the market remains focused on the increase in authorized shares, with future Ethereum price movements directly impacting BitMine's stock performance.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
