TLDR
- BitMine Immersion Technologies (BMNR) increased its ethereum holdings to 1.52 million tokens worth $6.6 billion, adding 373,000 tokens in one week
- The company now holds the second-largest public corporate crypto treasury globally, trailing only MicroStrategy’s $74 billion bitcoin holdings
- BMNR stock dropped 7% to $54 as ethereum fell below $4,300, down 5% in 24 hours after nearly hitting record highs last week
- Other crypto treasury companies also declined, with SharpLink Gaming down 3% and Solana-focused firms dropping 6-9%
- BitMine’s daily trading volume averaged $6.4 billion over five days, ranking 10th among all US-listed stocks
BitMine Immersion Technologies disclosed Monday that its ethereum holdings have surpassed 1.52 million tokens worth approximately $6.6 billion. The Tom Lee-led company filed with the SEC showing it added more than 373,000 ethereum tokens in just one week.
The latest purchases pushed BitMine’s cryptocurrency treasury value up by $1.7 billion from the previous week’s $4.9 billion. The company launched its ethereum treasury strategy on June 30 and closed its initial acquisition on July 8.
BitMine now holds what it describes as the largest ethereum treasury globally. The company ranks as the second-largest public corporate crypto owner overall, trailing only MicroStrategy’s $74 billion bitcoin holdings.
“In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion, as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%’ of ETH,” said Thomas Lee, BitMine’s chairman and Fundstrat founder.
The rapid accumulation comes as ethereum prices pulled back from near-record levels. Ethereum fell below $4,300 on Monday, down 5% over 24 hours after nearly touching $4,800 just one week ago.
BitMine’s stock price reflected the crypto market weakness. BMNR shares dropped 7% Monday to $54, extending recent declines as ethereum retreated from its highs.
Market Performance and Trading Volume
The company’s stock has generated massive trading interest. Fundstrat data shows BitMine traded an average daily volume of $6.4 billion over a five-day period as of August 8.
This trading volume ranked BitMine 10th among all US-listed stocks. The heavy volume reflects investor attention on the company’s aggressive ethereum accumulation strategy.
Other digital asset treasury companies also fell Monday. ETH-focused SharpLink Gaming dropped 3% while Solana-centric firms posted steeper losses.
DeFi Development declined 9% and Upexi fell 6%. The moves extended Friday’s selloff across crypto-focused public companies.
BitMine operates mining facilities in Trinidad and Texas locations including Pecos and Silverton. The company focuses on cryptocurrency accumulation through both mining operations and capital raising transactions.
Institutional Backing
The company has attracted backing from prominent institutional investors. BitMine’s investor base includes ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital.
This institutional support has helped fund the company’s rapid ethereum acquisition spree. BitMine also offers bitcoin mining services and advisory functions to other companies seeking cryptocurrency-denominated revenues.
The company holds 192 bitcoin in addition to its ethereum treasury. BitMine valued its ethereum holdings at $4,326 per token as of August 17.
BitMine has positioned itself as the pure-play ethereum equivalent to MicroStrategy’s bitcoin strategy. While MicroStrategy owns 628,946 bitcoin worth $74 billion, BitMine focuses exclusively on ethereum accumulation.
The company’s ethereum holdings now exceed those of mining giant MARA Holdings. BitMine trails only MicroStrategy in total cryptocurrency treasury value among public companies.
Bitcoin traded at $115,864 while ethereum fell to $4,300 as of Monday’s close.
