Coinspeaker
10 hour ago
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Tom Lee’s BitMine Stakes $500M in Ethereum, Holding Grows to 1.9 Million ETH

Key Points on BitMine's Ethereum Staking and Market Dynamics:

  • BitMine Technologies, led by Tom Lee, has increased its staking of Ethereum to over $5.71 billion.
  • The firm recently staked an additional 171,264 ETH, valued at $500 million, bringing their total staked ETH to over 1.9 million.
  • BitMine holds approximately 4 million ETH, constituting nearly 3.5% of the total circulating supply, with plans to increase this to 5%.
  • The company expects its ETH treasury to generate over $400 million yearly in staking income.
  • Overall demand for Ethereum staking has surpassed 30% of the total ETH supply, marking a significant shift towards Ethereum's role as a stable financial infrastructure.
  • Despite these developments, BitMine's stock (BMNR) is trading below $30, influenced by the decline in Ethereum's price, which has fallen below $3,000 amid broader market corrections.
  • Analysts suggest that a recovery of ETH above $3,050 could lead to further upward movement to $3,250 and $3,650.
  • Some analysts remain bullish, citing technical indicators such as tightening price compression and positive MACD signals, suggesting potential for a breakout if conditions improve.

ETH Price impulse | Source: Altcoin Vector