BitMine adds $24M in ETH – Can macro risks derail its Ethereum strategy?

The logic is simple: With DATs aligned to the broader market, there is a direct impact on their actual ETH exposure if there is either a risk on/risk off trigger. With risk-off sentiment forming around the FOMC decision and earnings reports, DATS may come under pressure as capital flows across traditional risk assets shift. In this context, the upcoming 48 hours are potentially very important for Ethereum.

BitMine (NASDAQ: BMNR) has just announced it bought 10,452 ETH worth about $24 million in a post on X. This brings its 30-day accumulation of Ethereum up to about 68,000 ETH. Its total holdings are now 6.05 million ETH.

BMNR also bought back $45 million worth of its own shares. From a strategic standpoint, BMNR continues to add more ETH while buying back company stock. This is particularly noteworthy as BMNR has fallen 20%+ this month, making this its worst monthly run since June and wiping out over 60% of its Q3 gains, after almost hitting $30.