BitMine Immersion Technologies Increases Ether Holdings to Over 4 Million ETH
BitMine Immersion Technologies (BMNR) has expanded its Ethereum (ETH) treasury by purchasing 98,852 ETH last week, bringing its total holdings to 4,066,062 ETH, which represents about 3.37% of the total ETH supply.
This acquisition was valued at roughly $300 million based on Monday prices, while BitMine's cash reserves remain at $1 billion.
The total value of BitMine's ETH treasury now exceeds $12 billion, making it the largest known ETH reserve among publicly traded companies.
These purchases took place amid a downturn in the cryptocurrency markets, with Ethereum's price dropping from approximately $3,170 to below $2,800 during the week before recovering to above $3,000.
Despite over $3 billion in unrealized losses on its ETH investments due to these price fluctuations, the company continues to expand its holdings with the goal of owning 5% of Ethereum's total supply.
BitMine is led by Thomas Lee from Fundstrat.
Following these developments, BitMine's stock saw a 4.5% increase in pre-market trading after a 10% rise on the previous Friday.
