BitMine holdings reach $14.2 billion with 3.31 million ETH tokens

LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), currently valued at $14.35 billion in market capitalization, announced Monday that its combined cryptocurrency, cash, and investment holdings have reached $14.2 billion, with Ethereum tokens comprising the majority of its assets.

The cryptocurrency mining and investment company reported holdings of 3,313,069 ETH tokens valued at approximately $13.8 billion based on the current Ethereum price of $4,164. Additional assets include 192 Bitcoin, an $88 million stake in Eightco Holdings (NASDAQ:ORBS), and $305 million in unencumbered cash. According to InvestingPro data, the company’s stock has delivered an impressive 1,219% return over the past year, though analysis suggests the stock is currently trading above its Fair Value.

Thomas Lee, Chairman of BitMine, stated that the company has acquired 77,055 ETH tokens over the past week, bringing its total Ethereum holdings to 2.8% of the available supply. The company aims to eventually own 5% of all Ethereum tokens.

"We increased our cash holdings to $305 million from $219 million," Lee noted in the press release statement.

BitMine positions itself as the largest institutional holder of Ethereum and the second-largest cryptocurrency treasury globally, behind only Strategy Inc, which holds 640,418 Bitcoin valued at approximately $73 billion.

The company has gained significant trading volume in recent weeks, with a reported five-day average daily trading volume of $1.5 billion as of October 24, ranking it as the 46th most traded stock in the United States, according to data cited in the company announcement. InvestingPro analysis reveals the stock exhibits high price volatility with a beta of 1.43, while maintaining a moderate debt level. Subscribers can access 11 additional ProTips and comprehensive financial metrics to better understand BMNR’s market position.

BitMine’s business operations include Bitcoin mining facilities located in Trinidad and Texas, along with advisory services related to cryptocurrency investments. The company’s current ratio of 0.41 indicates potential challenges in meeting short-term obligations, though its Altman Z-Score suggests overall financial stability.

The announcement comes amid what the company described as a recovery period following a significant cryptocurrency market deleveraging event on October 10, with the company suggesting that easing U.S.-China trade tensions could potentially improve trading conditions in the cryptocurrency markets.

In other recent news, BitMine Immersion Technologies has announced significant developments regarding its cryptocurrency holdings. The company reported total crypto, cash, and investment holdings of $13.4 billion, with a substantial portion in Ethereum, totaling 3.24 million tokens. BitMine’s Ethereum holdings alone are valued at approximately $13 billion, with the company holding 192 Bitcoin, a $119 million stake in Eightco Holdings, and $219 million in cash. In a related development, B.Riley has initiated coverage on BitMine with a Buy rating and a price target of $90.00, highlighting the company’s position as the largest Ethereum DATCO. BitMine’s acquisition of over 200,000 Ethereum tokens during recent market volatility has increased its holdings to over 2.5% of the total Ethereum supply. The company also holds a $135 million stake in Eightco Holdings and $104 million in unencumbered cash. These updates reflect BitMine’s strategic positioning in the cryptocurrency market and its substantial Ethereum holdings.

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