Ethereum price hits $2.3K as BitMine accelerates weekly ETH purchases

The company’s purchase brought its holdings to 4,595,562 ETH, valued at more than $10.5 billion at recent prices. BitMine has increased its weekly buying pace from roughly 45,000–50,000 ETH to about 61,000 in each of the past two weeks.

“In our base case, ETH is in the final stages of the ‘mini-crypto winter,’” BitMine Chairman Tom Lee wrote in a statement. In a separate remark, he noted, “Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450bp (24.5%).”

On March 14, the Ethereum Foundation sold 5,000 ETH to BitMine at an average price of $2,042.96 per coin. The Foundation indicated the proceeds support core operations and network development.

BMNR shares were recently trading near $22.89, up more than 11% on March 16, though the stock remains down 59% over the past six months. The rebound in Ether has reduced BitMine’s unrealized losses on its ETH holdings, which are estimated at about $6.5 billion based on the company’s disclosed cost basis through November and estimates for later purchases. Ether is still nearly 54% below its record high of $4,946.

Interest in staking is broadening across traditional finance. BlackRock has officially launched the iShares Staked Ethereum Trust (ETHB), which debuted with $15.5M trading volume. The fund intends to stake between 70% and 95% of its Ether and distribute 82% of staking rewards to investors monthly, with the rest covering trust, custody, and staking service fees.