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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), currently valued at $14.94 billion, announced Monday it now holds 3.03 million Ethereum tokens, representing over 2.5% of the total ETH supply, according to a company press release.
The cryptocurrency treasury company said its total holdings, including crypto, cash, and investments, amount to $12.9 billion. This includes 3,032,188 ETH valued at $4,154 per token, 192 Bitcoin, a $135 million stake in Eightco Holdings (NASDAQ:ORBS), and $104 million in cash. According to InvestingPro data, the company has achieved an impressive 572% return year-to-date, though it currently operates with moderate debt levels.
BitMine acquired 202,037 ETH tokens during recent market volatility, pushing its holdings past the 3 million mark. The company describes this as reaching the halfway point toward its goal of accumulating 5% of all ETH tokens.
"We are now more than halfway towards our initial pursuit of the ’alchemy of 5%’ of ETH," said Thomas Lee, Chairman of BitMine, in the statement.
The company ranks as the largest institutional ETH holder globally and the second-largest crypto treasury overall, behind Strategy Inc (MSTR), which holds 640,031 BTC valued at $73 billion. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with a financial health score rated as ’FAIR’.
BitMine also released its October Chairman’s Message discussing what it terms the "Ethereum Supercycle," with content from Lee’s keynote at the Token2049 conference in Singapore.
According to data cited in the release, BitMine stock has averaged $3.5 billion in daily trading volume over the past five days, making it the 22nd most traded stock in the United States. InvestingPro reveals the stock has experienced significant volatility, with a 496% return over the past year despite a recent 17% decline in the past week. Subscribers can access 12 additional ProTips and detailed financial metrics to better understand BMNR’s market position.
The company maintains backing from institutional investors including ARK’s Cathie Wood, Founders Fund, Pantera, and Galaxy Digital, according to the press release.
In other recent news, BitMine Immersion Technologies reported significant holdings in cryptocurrency, including over 2% of the total Ethereum supply, valued at approximately $12.8 billion, and 192 Bitcoin. The company’s total crypto and cash holdings amount to $13.4 billion, including a $113 million stake in Eightco Holdings and $456 million in unencumbered cash. BitMine also announced a $365.2 million equity raise through the sale of approximately 5.2 million shares at $70 each, with Moelis & Co serving as the sole placement agent. This share offering was executed at a 14% premium to the company’s closing price on September 19. Additionally, BitMine is offering warrants to purchase up to 10.44 million shares, exercisable at $87.50 per share, expiring in March 2027. In another development, BitMine contributed a $20 million strategic investment to Eightco Holdings’ $270 million private placement for a Worldcoin treasury strategy. These developments highlight BitMine’s active engagement in expanding its financial and strategic initiatives.
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