BitMine’s Ethereum Holdings Approach $8 Billion Following ETH’s Record Surge

BitMine Immersion Technologies’ Ethereum treasury has approached $8 billion after a boost of nearly $900 million in ETH last week amidst a price surge pushing the asset to new heights.

The company added over 190,500 ETH to its balance, resulting in a total of 1.71 million ETH, which represents almost 1.5% of the overall token supply. Last week, BitMine enhanced its cash and crypto assets by $2.2 billion.

“This marks the second consecutive week we’ve raised substantial capital from institutional investors as we aim for the ‘alchemy of 5%’ of ETH,” stated BitMine Chairman Tom Lee. “At BitMine, our approach leads our crypto treasury peers in expanding crypto NAV per share and enhancing stock liquidity.”

BitMine belongs to a select group of firms pivoting to establish Ethereum treasuries, being the second-largest publicly traded crypto treasury, following Michael Saylor’s Initiative.

Last week, Lee’s team boosted the treasury by $1.7 billion after acquiring over 373,000 ETH, surpassing BTC miner and MARA Holdings in terms of value.

Ethereum reached an all-time high of nearly $5,000 over the weekend, marking the second record in three days. However, it dipped early Monday to $4,615, reflecting a 4.3% decline within the last 24 hours.

This growth has increased its crypto net asset value (NAV) per share by 75% since the end of July.

Typically, treasury companies are evaluated based on their mNAV—comparing market capitalization to the value of underlying assets.

This metric, popularized by Saylor, often influences a treasury firm’s decisions to acquire more crypto assets. For instance, if a company’s mNAV exceeds 1.0, it can issue stock to raise funds, but if it’s below 1.0, it may sell assets to repurchase shares.

Currently, BitMine operates around a 1.0 mNAV per data from StrategicETHReserve.xyz.

Similar to Strategy’s relentless focus on Bitcoin, BitMine has no plans to reduce its Ethereum acquisitions, recently raising $20 billion for the purpose of securing the second-largest crypto asset.

“We firmly believe Ethereum is poised to be one of the greatest macro investments over the next 10-15 years,” Lee remarked. “The integration of Wall Street and AI onto the blockchain is likely to catalyze a significant transformation within the current financial landscape, predominantly occurring on Ethereum.”

Ethereum skyrocketed to a new peak of almost $5,000 over the weekend, before slipping by 2.9% in the last 24 hours to $4,658.

BMNR shares have gained 0.2%, currently trading at $53.52, marking a 36% rise this month.