BMNR Stock Dips Even As Its Latest Ethereum Buy Leaves It Just 0.1% From Its 'Alchemy Of 5%' Goal

• Bitmine's Ethereum holdings reached 4.9% of total supply, leaving the company about 122,000 Ethereum short of its 5% target. 
• The company holds 5.93 million ETH and a combined $15.7 billion in crypto, cash, and other investments. 
• Bitmine has staked more than 5 million ETH and expects annual staking revenue of $330 million, which could potentially rise to $386 million. 

Bitmine Immersion Technologies Inc. (BMNR) stock fell on Tuesday even after the company said its latest buy marked the accumulation of 4.9% of Ethereum's (ETH) supply. It's now only 0.1 percentage point, or around 122,000 ETH, away from its 5% goal, which Chairman Tom Lee calls the "Alchemy of 5%."

The company announced that it added 28,086 ETH at $2,495 per coin, which brings its total Ethereum holdings to 5.93 million. Along with it, the company also holds 211 Bitcoin (BTC), a $180 million stake in Beast Industries, $91 million in Eightco Holdings (ORBS), and $593 million in cash and other marketable securities. The company said it held a combined $15.7 billion in crypto, cash, and“moonshot” holdings.

BMNR's price was down 0.5% in morning trade. On Stocktwits, retail sentiment around BMNR remained in the 'neutral' zone, accompanied by 'low' chatter levels over the past day. The weakness in Bitmine's shares came amid a broader market decline. Ethereum also traded flat at just under $2,500.

BMNR Targets $330 Million In Annual Revenue

The firm also announced that it has staked over 5 million ETH, or 85% of its ETH holdings, worth $12.6 billion, through its Made in America Validator Network (MAVAN). Lee said the projection was based on a 2.61% 7-day annualized yield, with projected annualized take-in revenue of $330 million, rising to $386 million once holdings are fully deployed.

Lee said that BMNR stock was up 99%, compared to a 3% gain for the Russell 1000, making it the fourth-best performer in the index since it joined on June 26.“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far," he added.

"Since June 30th, 4 of the top 21 best-performing stocks in the Russell 1000 are crypto-related equities. The outperformance is reflective of the fact that Ethereum is the best-performing macro asset in Q3 so far,” said Lee. He added that fund managers benchmarking to the index should consider whether they have enough crypto exposure. 

Regulatory Catalysts

Lee said the 4-year crypto cycle has reached its bottom, citing renewed Korean retail buying and the upcoming Digital Asset Market Clarity Act (CLARITY Act)) vote. Tom DeMark, a capital market advisor at Bitmine, said that Ethereum traded sideways all of August without breaking lower. This, he said, was a sign that the previous uptrend would start up again. 

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