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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), a $7.29 billion market cap company whose stock has surged over 438% year-to-date according to InvestingPro, announced on Monday that its combined cryptocurrency and cash holdings have surpassed $9.21 billion, with the company now holding over 2 million Ethereum tokens.
As of September 7, the company’s holdings include 2,069,443 ETH valued at $4,312 per token, 192 Bitcoin, and $266 million in cash, according to a press release statement.
BitMine claims to maintain its position as the largest institutional holder of Ethereum worldwide and the second-largest cryptocurrency treasury overall, behind Strategy Inc. which holds 636,505 Bitcoin valued at approximately $71 billion.
The company also announced a $20 million strategic investment in Eightco Holdings Inc. (NASDAQ:OCTO) as part of OCTO’s $270 million PIPE financing. This marks the beginning of what BitMine calls its "Moonshot" strategy, which aims to allocate approximately 1% of its balance sheet to investments supporting the Ethereum ecosystem. InvestingPro data indicates the company operates with moderate debt levels but faces profitability challenges, with negative earnings in the last twelve months.
"BitMine has surpassed the 2 million ETH milestone this past week," said Thomas "Tom" Lee of Fundstrat, Chairman of BitMine, in the press release. "The convergence of both Wall Street moving onto the blockchain and AI creating a token economy is creating a supercycle for ethereum."
According to data cited in the announcement, BitMine’s stock has achieved an average daily trading volume of $1.7 billion over a recent five-day period, ranking it 30th among U.S.-listed stocks by trading volume.
The company operates Bitcoin mining facilities in Trinidad and Texas locations, while pursuing its strategy of accumulating cryptocurrency for long-term investment.
In other recent news, Eightco Holdings Inc. has successfully raised approximately $270 million through a private placement to implement a Worldcoin treasury strategy. The transaction involved the sale of 171,232,877 shares of common stock, with significant participation from MOZAYYX, World Foundation, and Discovery Capital Management. BitMine Immersion Technologies Inc. announced that its cryptocurrency and cash holdings have surpassed $8.82 billion, marking a substantial increase from the previous $6.6 billion. BitMine’s holdings include a significant amount of Ethereum tokens, Bitcoin, and $562 million in unencumbered cash. Additionally, BitMine clarified its NYSE American listing status amid NASDAQ scrutiny, confirming its ability to issue shares without requiring shareholder approval. The company has also signed executive employment agreements with key officers, including Jonathan Bates as CEO and Raymond Mow as CFO. Meanwhile, Bitcoin-linked stocks experienced a decline as cryptocurrency prices retreated.
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