Bitmine adds 27,180 ETH as adviser Tom DeMark sees sharp move in coming weeks

Bitmine Immersion Technologies (BMNR) announced Monday that it increased its Ethereum treasury to 5,956,378 ETH after acquiring 27,180 ETH over the past week.

At $2,513 per ETH, the holdings were worth about $15 billion as of Sept. 13. Bitmine now holds 4.9% of Ethereum's 122 million-token supply, the company said in a statement.

As of Sept. 7, Bitmine said 5,067,309 ETH were staked, representing about 85% of its current holdings and $12.7 billion at the company's stated ETH price. Bitmine said its staking operations generated a 7-day annualized yield of 2.62%, with projected annualized staking revenue of $334 million.

Beyond ether, Bitmine reported 212 bitcoin (BTC), a $180 million stake in Beast Industries, a $98 million stake in Eightco Holdings, and $549 million in cash and marketable securities. Its combined crypto, cash, marketable securities, and other holdings totaled $15.8 billion.

Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said he expects ether to make a sharp upward move in the coming weeks. He pointed to August trading, when ETH moved sideways without a downside break, and said the expiration of a 12-day metric implied a renewal of the prior move.

"We believe this further supports the continuation of the prior uptrend. We expect late August's sharp one-day rally was a likely preview of the pending advance," DeMark said in the statement. 

Chairman Tom Lee said the ETH/BTC ratio had reached its highest level since Jan. 30 and described it as a new uptrend. He also said ETH had outperformed the S&P 500 by 5,866 basis points in the third quarter through the prior Friday.

According to The Block's ETH price page, Ethereum traded above $2,500 on Monday, up 1.4% over 24 hours, with a market capitalization of $306.3 billion.

Bitmine shares closed Friday at $25.03, up 3.43% on the day, according to The Block's BMNR price page.