- BitMine Immersion Technologies increased its Ethereum holdings by over 110,000 tokens last week.
- The company’s total ETH tokens now exceed 3.5 million, about 2.9% of the total supply.
- Its unencumbered cash balance rose to nearly $400 million.
- BitMine holds the second-largest crypto treasury with $13.2 billion in assets.
BitMine Immersion Technologies (BMNR), a digital asset treasury firm focused on Ethereum, made substantial purchases last week, acquiring more than 110,000 ether (ETH) tokens. This added nearly $400 million in current market value to its treasury, increasing the total ETH holdings to over 3.5 million tokens, which represents approximately 2.9% of the entire ETH supply, according to the company’s announcement here.
The firm also increased its available cash reserves to $398 million, up by $9 million from the previous week. Thomas Lee, chairman of BitMine and head of the research firm Fundstrat, said they viewed the recent dip in ETH prices as an opportunity to buy. He noted, “We acquired 34% more ETH than last week.”
BMNR shares rose more than 5%, trading near $42.40 following the market open Monday. At the same time, ETH prices climbed to around $3,600, marking a 6% gain compared to Friday’s close source. This steady purchasing is significant amid a broader trend where digital asset treasury firms have faced challenges in raising funds for additional crypto acquisitions. Many have halted buying or shifted strategy as their stock prices fell below the net asset value of their crypto holdings.
Since early October, BitMine’s stock price has fallen over 30%. Nevertheless, the company has added about 675,000 ETH to its balance sheet, worth approximately $2.4 billion at current prices. With total holdings nearing $13.2 billion, BitMine maintains the second-largest crypto treasury after the one managed by Michael Saylor’s firm.
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