Ethereum leads in decentralized finance, stablecoins, and asset tokenization, maintaining market dominance despite Layer-1 competition, as per DeFiLama.
- On-chain data from Arkham Intelligence reveals Bitmine reportedly bought over 29,000 Ethereum on Monday night.
- BMNR’s stock has more than doubled since adopting an Ethereum treasury strategy.
- Investors are pricing BMNR as a leveraged Ethereum and staking proxy as the blockchain leads all others on DeFilama.
Bitmine Immersion Technologies' (BMNR) stock has more than doubled in the last six months as the company continued to build its Ethereum (ETH) treasury, and it’s still buying more of the dip.
As per Arkham’s data, BMNR-linked wallets recently received 29,462 ETH from addresses affiliated with Kraken and BitGo, totaling around $88.4 million. There has been no official announcement from the company yet.
The transfers continue as the company continues to accumulate Ethereum, which began earlier this year in June. As of Tuesday, Bitmine officially holds 4.066 million ETH tokens and is aiming to accumulate 5% of Ethereum’s total circulation supply.
Ethereum’s price was trading at $2,954.98 on Tuesday, down 2.3% over the day. On Stocktwits, the retail sentiment around ETH was in ‘bearish’ territory, with ‘low’ levels of chatter over the past day.
Meanwhile, Bitmine Immersion Technologies' shares closed at $31.09, down 1.52% on the day. Since adopting its Ethereum Treasury plan on June 30, BMNR has increased by over 110%, resulting in gains from its peak rally. The stock stabilized after previously rising from single-digit levels to above $50. On Stocktwits, retail sentiment around BMNR remained in ‘extremely bearish’ territory, as message volume dipped to from ‘low’ to ‘normal’ over the past day.
BMNR’s Value Addition
Investors have increasingly valued BitMine as a leveraged Ethereum proxy, citing Ethereum's strong fundamentals in decentralized finance, stablecoins, and real-world asset tokenization, where it continues to dominate market share despite the competition around Layer-1. Data from DefiLlama shows Ethereum continues to lead DeFi activity by total value locked.
Bitmine's approach to monetize its ETH holdings through staking, particularly with the upcoming launch of its Made in America Validator Network (MAVAN), has added a revenue-driven angle to its treasury. BMNR's outsized gains have been supported by a debt-free balance sheet and a clearly defined accumulation aim, even as the stock has now consolidated from its top.
Read also: Bitcoin Analysts Highlight Retail Caution As BTC Briefly Hits $90K
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