🚨BitMine stock drops 8% even after massive ETH accumulation
Ethereum treasury giant BitMine (BMNR) fell more than 8% today right after announcing it added 82,353 ETH last week.
The firm now holds:
💰3.4M ETH (~$12B), roughly 2.8% of total ETH supply
💵$389M in cash
🪙192 BTC + a $62M stake in Eightco (ORBS)
BitMine’s long-term goal: own 5% of all ETH in circulation, making it the largest public ETH holder second only to Saylor’s Bitcoin-heavy Strategy.
Backers include heavyweights Bill Miller III, Cathie Wood, and Peter Thiel (Founders Fund), along with DCG, Galaxy, Kraken, and Pantera.
Despite the sell-off, BMNR remains one of the most traded crypto-related stocks in the U.S., averaging $1.5B in daily volume over the past week.
The pullback looks more like a short-term reaction amid broader market weakness, while BitMine quietly tightens its grip on Ethereum’s supply.
🧠Long-term conviction > short-term noise.
#Ethereum #ETH #BitMine