BitMine Immersion Technologies (BMNR), the Ethereum-centric digital asset treasury firm helmed by Fundstrat’s Thomas Lee, has continued its acquisition of ether by adding 179,251 tokens to its balance sheet last week, valued at approximately $820 million at current market prices.
With the recent acquisition, the firm’s ETH holdings have exceeded 2.83 million tokens, accounting for over 2% of the total supply of the second largest cryptocurrency, according to a press release issued on Monday press release.
Shares increased by 4% in pre-market trading alongside gains in cryptocurrency prices over the weekend.
The company reported total crypto and cash reserves of $13.4 billion, which includes $456 million in cash, 192 bitcoin , along with a stake in Eightco Holdings (ORBS), a digital asset treasury vehicle focusing on .
BMNR stock saw a pre-market increase of 4.3% to just over $59, marking its highest level in two weeks.
Following the company’s pivot in June, BitMine is part of a trend where publicly traded firms raise capital to amass cryptocurrencies, mirroring the strategy of Michael Saylor, the world’s largest corporate bitcoin holder.
BitMine intends to capture 5% of ether’s supply and generate yield by staking the tokens. The company currently ranks as the largest publicly listed ETH treasury firm, trailing only the bitcoin-centric Strategy regarding BTC holdings among all crypto treasury firms.
“We remain confident that the two prevailing investment narratives are [artificial intelligence] AI and crypto,” stated chairman Thomas Lee. “With ETH’s price presenting a discount to future value, this is promising for the token and is why BitMine’s primary treasury asset is ETH.”
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