BitMine Immersion Technologies (BMNR), the digital asset treasury firm focused on Ethereum and led by Thomas Lee from Fundstrat, announced it acquired 77,055 ether in the last week, amounting to approximately $320 million based on Monday’s prices.
BitMine’s stock increased by 4.5% during Monday’s session, coinciding with a nearly 5% rise in ETH, surpassing $4,100 over the weekend.
This acquisition elevates the company’s holdings to over 3.31 million ETH, roughly 2.8% of the overall ETH supply. Total assets have risen to $14.2 billion, comprising various cryptocurrencies including a small bitcoin position, shares in and cash, solidifying its status as the largest known corporate holder of ETH and the second-largest crypto treasury overall, just behind Strategy (MSTR).
According to Thomas Lee, this acquisition occurs amid signs of recovery in the cryptocurrency market following a significant deleveraging earlier this month. Lee highlighted the ongoing U.S.–China trade discussions and historically favorable conditions for cryptocurrencies during stock market rallies as key factors influencing this decision.
