BitMine’s ETH holdings have reached an impressive milestone, as the company now holds over 1.7 million ETH tokens. BitMine Immersion Technologies (BMNR), helmed by Fundstrat’s Tom Lee, has continued expanding its Ethereum reserves through strategic acquisitions.
Massive Accumulation in a Short Span
Over the past week alone, BitMine acquired more than 190,500 ETH tokens, according to its latest announcement. This brings the total to approximately 1,713,899 ETH, equating to about $7.9 billion based on recent market rates.
Alongside its crypto portfolio, the firm also maintains around $562 million in cash—giving it the buying power to expand its ETH holdings even further. Altogether, BitMine’s combined ETH and cash reserves total approximately $8.8 billion as of Sunday night, assuming an ETH price of $4,800.
Market Volatility Impacts Valuation
The company’s staggering ETH treasury was briefly valued higher before the price of Ethereum slipped below $4,600 during U.S. market hours. This dip affected the valuation of BitMine’s stash, bringing it down from its peak earlier in the week. Comparatively, just a week ago, BitMine’s total crypto and cash reserves were worth $6.6 billion, according to a previous report.
Capitalizing on High Trading Volumes
The company’s publicly traded stock, BMNR, experienced significant activity. It traded down 2.6% in premarket after a robust 12% rally the previous Friday. High trading volume has benefited BitMine’s strategy, allowing the firm to raise capital swiftly for further Ethereum purchases. Last week alone, the company saw an average daily trading volume of $2.8 billion, ranking it among the top 20 most actively traded stocks in the U.S.—just behind Coinbase (COIN).
Future Plans and Aggressive Growth
BitMine’s ambition doesn’t stop at its current holdings. Earlier in the month, the firm filed plans to raise up to $20 billion through additional stock offerings. This underscores the company’s aggressive strategy to become the premier ETH treasury entity globally.
Growth chart illustrating the increase in BitMine’s ETH treasury alongside market price fluctuations.
To stay updated on crypto market dynamics and institutional accumulation, read more about current market trends in this related article.
