BitMine’s ETH holdings have reached 6.0164 million, about 4.9% of the total supply—just one step away from 5%.
It bought another 15,112 ETH last week, with about 5.067 million ETH staked.
But its stock fell 3% over the first nine months, while the company repurchased 21 million shares during the same period.
The market suddenly started talking about BMNR—not because it’s buying ETH, but because the 5% figure could shift the narrative from “allocator” to “holder locking up supply.”
Approaching 5% of the total supply and continuing to accumulate is the first fact.
The 21 million share buyback, generally interpreted as management believing the stock is undervalued, is the second.
The company’s chairman said it outperformed the S&P 500 by more than 68 percentage points in Q3—that’s the third signal.
There are also claims that it holds a $180 million position in Beast Industries, but that information has yet to be verified.
If a company controls nearly 5% of ETH’s supply, is that bullish—or a liquidity risk?
It bought another 15,112 ETH last week, with about 5.067 million ETH staked.
But its stock fell 3% over the first nine months, while the company repurchased 21 million shares during the same period.
The market suddenly started talking about BMNR—not because it’s buying ETH, but because the 5% figure could shift the narrative from “allocator” to “holder locking up supply.”
Approaching 5% of the total supply and continuing to accumulate is the first fact.
The 21 million share buyback, generally interpreted as management believing the stock is undervalued, is the second.
The company’s chairman said it outperformed the S&P 500 by more than 68 percentage points in Q3—that’s the third signal.
There are also claims that it holds a $180 million position in Beast Industries, but that information has yet to be verified.
If a company controls nearly 5% of ETH’s supply, is that bullish—or a liquidity risk?