BitMine Immersion Technologies Inc.
(NYSE:BMNR) stock rose on Tuesday as investors weighed its growing Ethereum holdings and backing of newly launched privacy firm EthSystems.
Ethereum Holdings Near Target BitMine bought 27,801 Ethereum (CRYPTO: ETH) for $50 million last week, raising its holdings to 5.77 million ETH valued at $10.2 billion.
The company said it now controls 4.8% of Ethereum's supply, nearing its 5% target for 2026.
Of its 5.77 million ETH, 4,917,189 tokens are staked through MAVAN, Bitmine's institutional-grade validator network, generating annualized staking revenues of $242 million at a 7-day yield of 2.70%.
