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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR) announced on Monday that its combined cryptocurrency, cash, and investment holdings have reached $13.2 billion, with the company now controlling 2.9% of all Ethereum tokens in circulation. The company's market capitalization currently stands at $11.46 billion, according to InvestingPro data.
According to the company's statement, BitMine's holdings include 3,505,723 ETH valued at approximately $12.76 billion (at $3,639 per token), 192 Bitcoin, a $61 million stake in Eightco Holdings (NASDAQ:ORBS), and $398 million in unencumbered cash. Despite these substantial holdings, InvestingPro analysis indicates the stock appears significantly overvalued compared to its Fair Value, with analysts setting price targets between $60 and $90.
"The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week," said Thomas Lee, Chairman of BitMine, in the press release. The company acquired 110,288 ETH tokens over the past week, a 34% increase compared to the previous week's purchases.
BitMine now ranks as the largest Ethereum treasury globally and the second-largest cryptocurrency treasury behind Strategy Inc., which holds 641,205 BTC valued at $67 billion.
The company reports that it has reached the halfway point toward its goal of acquiring 5% of all Ethereum tokens, what it refers to as the "alchemy of 5%."
BitMine has emerged as one of the most actively traded stocks in the U.S. market, with an average daily trading volume of $1.6 billion over the past five days, ranking 48th among all U.S.-listed stocks according to data cited in the release.
The company's operations are located in Trinidad and Texas, focusing on Bitcoin mining and Ethereum acquisition for long-term investment.
BitMine's institutional investor base includes ARK Investment Management, Founders Fund, Pantera, Kraken, Digital Currency Group, and Galaxy Digital, among others, according to the company's announcement.
In other recent news, BitMine Immersion Technologies announced that its holdings have reached $14.2 billion, primarily driven by its extensive Ethereum portfolio. The company reported possessing 3,313,069 Ethereum tokens, valued at approximately $13.8 billion, alongside 192 Bitcoin, an $88 million stake in Eightco Holdings, and $305 million in unencumbered cash. Notably, BitMine's Ethereum holdings represent 2.8% of the total Ethereum supply, marking significant progress toward its goal of owning 5% of all ETH tokens. Additionally, B.Riley has initiated coverage on BitMine Immersion Technologies with a Buy rating and a $90.00 price target, citing the company's experienced management and its strategic plans in the Ethereum network. These developments underscore BitMine's focus on accumulating cryptocurrency for long-term investment. The company has been actively increasing its stake in the cryptocurrency market, reflecting its commitment to becoming a major player in the Ethereum space.
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