After extending the rally on Thursday, Ether announced that Bitmine Immersion Technologies (BMNR) has held its second-value cryptocurrency to over $2 billion.
In a press release dated July 24, the Bitcoin mining company registered with NASDAQ said it had acquired 566,776 ETH with an average price of 3,643.75. The milestones show significant advances towards the goal Bitmine stated to obtain and stain 5% of the total ether supply in the circulation.
“Bitmine surpassed its $2 billion ETH holdings just 16 days after closing its private placements,” said Tom Lee, chairman of Fundstrat research and CIO of Fundstrat Capital.
CEO Jonathan Bates added that the company aims to increase its performance per share through revenue, capital market activity and aggressive financial management.
The company’s broader strategy combines direct ETH accumulation, staking to yields, and creative financing tools to maximize balance sheet growth. Bitmine describes its approach as “asset lighting,” relying on both internal cash flow and external capital to expand its holdings while maintaining flexibility.
In another press release issued Wednesday, Bitmine announced that stock options related to NASDAQ-related stocks have begun trading in the NYSE options market under Ticker BMNR. The options that offer standard expiration dates and strike price ranges are intended to increase investor access and increase market participation. “This is a major milestone,” Lee said, emphasizing giving the market more ways to express its directional view on Bitmine’s growth strategy.
The momentum behind the institutional demand for ether appears to be accelerating. Bloomberg senior ETF analyst Eric Balknas noted on Thursday that BlackRock’s iShares Ethereum Trust ETF (ETHA) had surpassed its $10 billion in managed assets just a year after the launch. Etha has doubled its assets from $5 billion to $10 billion in just 10 days, becoming the third fastest ETF to achieve that milestone after achieving this milestone in 34 and 53 days, respectively.
Bitmine (BMNR) shares rose sharply in trading earlier Thursday, rising to 15.7% to the top of $45.70 before storing profits by 12:19pm, up to $42.64. The stock was up 7.9% that day, extending the weekly rally as investors responded to the company’s accelerated ETH financial strategy and today’s announcement on the latest ETH purchases.
At the time of writing, Ether has grown 4.1% to $3,755 over the past 24 hours, according to Coindesk data. It rose 9.2% over the past seven days, 34.9% over the two weeks, and 54% over the past 30 days.
Technical Analysis Highlights
- According to Coindesk Research’s technical analytics data model, Ether has hit a sharp 4.26% mark since it rose to a high of $3,666.09 on July 23, surpassing the trading range of $154.68 during the 23-hour session at 14:00 UTC., up from 154.68 PM UTC., according to Coindesk Research’s technical analytics data model.
- The token recovered from loss of early sessions after multiple failed attempts near the $3,530-$3,545 support zone.
- A sudden reversal occurred between the 06:00 and 07:00 UTC window on July 24th, supported by rising trading volumes.
- Ether defended the $3,600 threshold throughout the session, showing sustained purchasing rights and setting the stage for potentially bound integration.
- At the last time of 13:10 to 14:09 UTC, ETH fell from $3,645.31 to $3,626.83, reaching an intraday low of $3,626.27.
- A short bounce to $3,650 was quickly denied after a surge in selling volumes between 13:31 and 13:39 UTC when the price fell to the $3,631-3,636 range.
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