Summary
- BitMine acquired $2.2 billion in ETH and cash last week.
- The company now owns over 1.7 million ETH, valued at nearly $8 billion.
- BMNR shares have risen more than 36% this month.
BitMine Immersion Technologies’ Ethereum treasury approaches $8 billion after adding close to $900 million in ETH to its portfolio last week due to a price spike that hit record highs.
The firm increased its holdings by more than 190,500 ETH, totaling 1.71 million ETH, which is just under 1.5% of the entire token supply. Over the week, BitMine boosted its cash and crypto assets by $2.2 billion.
“This marks the second consecutive week that BitMine has attracted capital from institutional investors at this rate, as we strive for the ‘alchemy of 5%’ of ETH,” stated BitMine Chairman Tom Lee. “At BitMine, we are at the forefront of our crypto treasury peers, both in terms of the speed of capitalizing on crypto NAV per share and in the strong trading liquidity of our stock.”
BitMine is part of a small but growing trend of companies focusing on building Ethereum treasuries. It ranks as the second-largest publicly traded crypto treasury, following Michael Saylor’s firm.
Last week, Lee and his team strengthened their treasury by $1.7 billion after acquiring over 373,000 ETH—a move that elevated it above Bitcoin miner and BTC treasury MARA Holdings in terms of dollar value.
Ethereum reached an all-time high nearing $5,000 over the weekend, marking the second record in three days. The second-largest cryptocurrency by market cap dipped early Monday to $4,615, falling 4.3% in the previous 24 hours.
These significant additions have propelled its crypto net asset value (NAV) per share, representing the ratio of crypto assets relative to the outstanding shares, by 75% since July’s end.
Treasury companies are commonly evaluated by their mNAV—market to net-asset-value—indicating the firm’s market cap relative to its underlying assets.
This metric, popularized by Saylor, often influences the strategies treasury firms implement to acquire more crypto assets. For instance, if a firm’s mNAV trades at a premium or above 1.0, it can issue stock to gather funds. Below 1.0, it may divest assets to buy back shares.
Currently, BitMine trades around a 1.0 mNAV according to data from StrategicETHReserve.xyz.
Similar to Strategy’s relentless focus on Bitcoin, BitMine intends to continue its Ethereum acquisition strategy, recently raising funds by $20 billion to procure more of the second largest crypto asset.
“We firmly believe Ethereum represents one of the most significant macro trades for the next 10-15 years,” Lee asserted. “The move of Wall Street and AI onto the blockchain is poised to instigate a more profound transformation of today’s financial ecosystem. Most of this innovation is centered on Ethereum.”
Ethereum hit a new all-time high just below $5,000 over the weekend, later decreasing 2.9% in the last 24 hours to $4,658.
BMNR shares increased by 0.2%, reaching $53.52. They have appreciated 36% during the month.
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