BitMine Immersion Technologies, a crypto treasury firm with a focus on Bitcoin and Ether, claims to control over 2% of Ether’s total supply after acquiring 2.4 million ETH.
The company revealed Monday that its Ether (ETH) holdings are worth approximately $10.1 billion, establishing it as the largest corporate ETH treasury globally. It also announced a new fundraising effort aimed at further increasing its reserves.
BitMine indicated that it purchased ETH at an average price close to $4,500, approximately 7.25% above the current market price of $4,200.
According to data from Strategic ETH Reserve data, BitMine currently holds the largest corporate Ether treasury in the world. SharpLink Gaming, an ETH treasury associated with an Ethereum co-founder, ranks second, holding 838,150 ETH.
BitMine’s total assets, which encompass equity, cash, and crypto holdings, now amount to $11.4 billion. This portfolio positions BitMine among the leading crypto treasury companies, with Strategy at the forefront, holding 639,835 Bitcoin (BTC) valued at over $74 billion as of Monday.
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BitMine raises funds at a premium
BitMine announced Monday that it sold approximately 5.22 million shares at $70 each, a 14% premium over its Sept. 19 closing price of $61.29, along with 10.4 million warrants which are exercisable at $87.50. This deal generated around $365 million in immediate funds, with warrants potentially adding another $913 million if fully exercised.
BitMine Chairman Thomas Lee characterized the premium pricing as an indicator of institutional confidence, noting that the funds will be used to further enhance the company’s Ether reserves.
“The convergence of Wall Street entering the blockchain and AI/agentic-AI fostering a token economy is initiating a supercycle for Ethereum,” Lee stated Monday.
The fundraising follows a previous $200 million ETH purchase in September, during which BitMine added 46,255 ETH to its portfolio, shortly after announcing another $65 million purchase that resulted in holding 1.5% of all Ether supply on Sept. 2.
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Institutions are interested in crypto treasuries
BitMine is evidently capturing attention, with Cathie Wood’s ARK Invest acquiring 101,950 shares in the company earlier this September.
Recent reports indicate that public companies are securing hundreds of millions of dollars in capital for cryptocurrency strategies, reinforcing the perception that such initiatives attract significant investor interest.
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