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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), a $10.12 billion market cap company that has seen its stock surge over 746% in the past year, announced Monday it now holds more than 2% of the total Ethereum supply, with crypto and cash holdings totaling $13.4 billion.
The company reported owning 2,830,151 ETH valued at approximately $12.8 billion at current prices of $4,535 per token, along with 192 Bitcoin, a $113 million stake in Eightco Holdings, and $456 million in unencumbered cash.
BitMine claims to be the world’s largest institutional Ethereum holder and the second-largest crypto treasury overall behind Strategy Inc., which holds 640,031 Bitcoin valued at $79 billion. According to InvestingPro data, the company’s aggressive crypto strategy comes with significant volatility, with a beta of 1.43 and several key risks that subscribers can access through detailed ProTips.
"We remain confident that the two Supercycle investing narratives remain AI and crypto," said Thomas Lee, Chairman of BitMine, in the press release statement. The company has stated its goal of eventually acquiring 5% of all Ethereum tokens.
The cryptocurrency-focused firm has become one of the most actively traded stocks in the United States, with an average daily trading volume of $2.5 billion over the past five days, ranking 28th among all U.S.-listed stocks according to data cited in the announcement.
BitMine’s operations include Bitcoin mining facilities in Trinidad and Texas locations. The company maintains it is positioning itself to benefit from what it describes as a transformation of financial services through cryptocurrency adoption.
The announcement comes as BitMine continues to execute its strategy of accumulating Ethereum as a long-term investment, funded through mining operations and capital raising transactions.
In other recent news, BitMine Immersion Technologies announced a significant $365.2 million equity raise, selling approximately 5.2 million shares at $70 each. This transaction was executed through a registered direct offering, with Moelis & Co acting as the sole placement agent. The offering price represented a 14% premium over the company’s previous closing price, indicating strong investor interest. Additionally, BitMine provided warrants for up to 10.44 million shares, exercisable at $87.50 per share until March 2027.
BitMine’s cryptocurrency holdings have also been highlighted, with the company reporting total assets of $10.77 billion, including 2.15 million Ethereum tokens and a $214 million stake in Eightco. The firm has further enhanced its investment portfolio by contributing $20 million to Eightco’s $270 million private placement for Worldcoin. BitMine’s recent announcements reflect its robust financial position and strategic investment activities.
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