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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), with a market capitalization of $6.33 billion and a beta of 1.35, announced Monday that its cryptocurrency holdings have surpassed $6.612 billion, comprised primarily of 1,523,373 Ethereum tokens valued at $4,326 per ETH and 192 Bitcoin. InvestingPro data shows the stock has demonstrated remarkable momentum, delivering a 776% return over the past six months.
The company’s ETH position represents a $1.7 billion increase from the $4.9 billion reported last week, with approximately 373,000 tokens added to its previous holdings of 1.15 million ETH.
According to the company’s statement, BitMine now ranks as the largest institutional Ethereum holder globally and the second-largest cryptocurrency treasury behind Strategy Inc (MSTR), which owns 628,946 Bitcoin valued at approximately $74 billion.
"Institutional investors have expressed interest and support for our pursuit of the ’alchemy of 5%’ of ETH," said Thomas Lee, Chairman of BitMine, in the press release.
BitMine launched its Ethereum treasury strategy on June 30, with the transaction closing on July 8. The company reports being backed by institutional investors including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
The company also highlighted its trading liquidity, stating it has averaged $6.4 billion in daily dollar volume over a recent five-day period, ranking it 10th among U.S.-listed stocks according to data cited in the announcement.
BitMine’s operations include Bitcoin mining facilities in Trinidad and Texas locations including Pecos and Silverton.
The information in this article is based on a company press release statement.
In other recent news, BitMine Immersion Technologies announced a significant increase in its at-the-market offering, raising the capacity to $24.5 billion. This marks the second increase in less than a month, following an earlier expansion from $2 billion to $4.5 billion. Additionally, BitMine revealed that its Ethereum holdings have surpassed 1.15 million tokens, valued at more than $4.96 billion, establishing it as the largest ETH treasury globally. The company has significantly expanded its ETH position, adding $2.0 billion in the past week alone. Furthermore, BitMine’s Board of Directors approved a $1 billion stock repurchase program, allowing the company to buy back shares periodically in both open market and negotiated transactions. This decision follows a previous announcement of the buyback program, which aims to acquire up to $1 billion of outstanding common stock. Cantor Fitzgerald & Co. and ThinkEquity LLC are acting as sales agents for the ATM offering. These recent developments highlight BitMine’s strategic financial maneuvers and growing assets.
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