- BitMine Immersion Technologies purchased 82,353 ether (ETH) last week, increasing its holdings to 3.4 million ETH.
- The newly acquired ether was worth approximately $306 million based on early Monday prices.
- BitMine’s total assets, including crypto, cash, and equity, are valued at $13.7 billion.
- The company now controls about 2.8% of the total ether supply and aims to accumulate 5% over time.
- Despite recent declines in crypto prices, BitMine raised its cash reserves to $389 million from $305 million the previous week.
BitMine Immersion Technologies, an Ethereum-focused treasury firm led by Fundstrat’s Thomas Lee, acquired 82,353 ether tokens last week. This purchase boosted the company’s total ETH holdings to 3.4 million tokens. The acquisition was valued at roughly $306 million based on Monday’s early trading prices.
The firm reported that this move increased its share of the total ether supply to 2.8%, with an eventual target of controlling 5%. In addition to the new ETH purchase, BitMine raised its unencumbered cash balance from $305 million to $389 million. Overall, the combined value of the company’s crypto assets, cash, and stock investments stands at $13.7 billion.
Among its other holdings, BitMine owns a $62 million stake in Eightco Holdings and holds 192 bitcoins. The ether price declined by 3.5% over the past 24 hours to about $3,715, contributing to a 5.7% drop in BitMine’s shares during early Monday trading.
“We’re now more than halfway to our goal,” Thomas Lee stated, referring to the company’s long-term strategy to acquire 5% of the ether supply. This strategy contrasts with other digital asset treasuries that faced difficulties raising cash and saw their share prices fall recently. Some competitors have turned to share buybacks as their stock values dropped below the net asset value of their holdings.
For more details, see the full press release.
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