The Ethereum-focused treasury firm BitMine Immersion Technologies (BMNR), led by Fundstrat’s Thomas Lee, added 179,251 tokens to its balance sheet through last week, a haul valued at approximately $820 million at current prices.
This latest purchase pushed the firm’s total ether holdings past 2.83 million tokens, a figure that represents more than 2% of the second-largest cryptocurrency’s total circulating supply, according to a Monday press release.
BitMine’s total crypto and cash reserves now stand at $13.4 billion. This reserve includes $456 million in cash, 192 bitcoin (BTC), and a stake in Eightco Holdings (ORBS), a digital asset treasury vehicle focused on Worldcoin (WLD).
BitMine, which ranks as the largest listed ETH treasury firm globally, aims to corner 5% of ether’s total supply and generate yield by staking the tokens. The firm’s holdings are second only to Michael Saylor’s Strategy, the world’s largest corporate bitcoin owner.
The company’s strategy mirrors the “digital asset treasury trend” where publicly-traded firms raise capital specifically to accumulate cryptocurrencies.
Chairman Thomas Lee remains confident in the firm’s strategy, stating, “We remain confident that the two supercycle investing narratives remain [artificial intelligence] AI and crypto.”
He added, “Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH.”
BMNR stock reflected the positive sentiment, rising 4.3% pre-market to just over $59, hitting its strongest level in two weeks, alongside general gains in the broader crypto market over the weekend.
