TLDR
- BitMine Immersion Technologies added 179,251 ethereum tokens to its balance sheet last week, worth approximately $820 million
- The company’s total holdings now exceed 2.83 million ETH, representing over 2% of ethereum’s total supply
- Total crypto and cash reserves stand at $13.4 billion, including $456 million in cash and 192 bitcoin
- BitMine aims to control 5% of ethereum’s supply and ranks as the largest listed ETH treasury firm
- BMNR shares jumped 4% in premarket trading following the announcement
BitMine Immersion Technologies stock climbed Monday after the company disclosed another major ethereum purchase. The firm added 179,251 ETH tokens to its balance sheet through last week.
The purchase is worth roughly $820 million at current prices. BMNR shares traded up 4.3% premarket at just over $59.
That’s the stock’s strongest level in two weeks. The company has been on a tear this year, with a year-to-date price performance of 626.38%.
BitMine now holds more than 2.83 million ethereum tokens. That represents over 2% of the second largest cryptocurrency’s total supply.
The company’s total crypto and cash reserves reached $13.4 billion. The balance includes $456 million in cash and 192 bitcoin.
BitMine also holds a stake in Eightco Holdings, a digital asset treasury vehicle focused on Worldcoin. The firm extended its position as the largest ethereum treasury holder globally.
Treasury Strategy Follows Strategy Playbook
BitMine pivoted to its current strategy in June. The company follows the digital asset treasury model popularized by Michael Saylor’s Strategy.
Strategy remains the world’s largest corporate bitcoin owner. BitMine currently ranks as the second largest listed crypto treasury firm overall.
The company generates yield by staking its ethereum tokens. BitMine has set a goal to control 5% of ethereum’s supply.
Chairman Thomas Lee leads the firm. Lee is also co-founder and CIO of Fundstrat Capital.
Lee Points to AI and Crypto Trends
Lee released a statement with the announcement. He expressed confidence in two investing narratives: artificial intelligence and crypto.
“Since ETH’s price is a discount to the future, this bodes well for the token,” Lee said. He cited this outlook as the reason ethereum serves as BitMine’s primary treasury asset.
The company’s market cap stands at $16.13 billion. Average trading volume sits at 47.4 million shares.
Technical sentiment signals indicate a buy rating. Analysts maintain a favorable outlook on the stock following the latest purchase announcement.
BitMine’s approach has attracted backing from influential investors. The company’s continued accumulation strategy positions it as a major player in the ethereum ecosystem.
The firm’s latest purchase came during a weekend of gains in crypto prices. Shares moved higher in premarket trading alongside the broader crypto market.
