BitMine’s crypto holdings reach $13.4 billion with 2.7% of ETH supply

LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR) announced Monday that its total crypto, cash, and investment holdings have reached $13.4 billion, with Ethereum holdings now at 3.24 million tokens. The company’s stock has shown remarkable performance, delivering a 2,392% return over the past year, according to InvestingPro data.

The company’s portfolio includes 3,236,014 ETH valued at approximately $13 billion at current prices ($4,022 per ETH), 192 Bitcoin, a $119 million stake in Eightco Holdings (NASDAQ:ORBS), and $219 million in unencumbered cash, according to a company press release. With a current market capitalization of $14.19 billion, InvestingPro analysis indicates the stock is trading above its Fair Value.

BitMine now controls approximately 2.7% of the total Ethereum supply, marking the halfway point in its stated goal of acquiring 5% of all ETH tokens, what the company refers to as the "Alchemy of 5%."

"We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million," said Thomas Lee, Chairman of BitMine, in the statement.

The company ranks as the largest institutional holder of Ethereum globally and the second-largest crypto treasury overall, behind only Strategy Inc (MSTR), which holds 640,250 BTC valued at $69 billion.

BitMine has also gained significant trading volume, with an average daily trading volume of $2.1 billion over the past five days, ranking it as the 33rd most traded stock in the United States, according to data cited in the release.

The company’s announcement comes following what it described as "one of the largest deleveraging events" in the crypto market last week, which put downward pressure on ETH prices.

BitMine continues to position itself as a leader among crypto treasury companies, focusing on both increasing its cryptocurrency holdings and maintaining high stock liquidity for institutional investors.

In other recent news, BitMine Immersion Technologies reported substantial financial holdings, including over 3 million Ethereum tokens, representing more than 2.5% of the total Ethereum supply. The company’s total holdings, which also include 192 Bitcoin, a $135 million stake in Eightco Holdings, and $104 million in cash, are valued at approximately $13.4 billion. These developments come alongside a notable $365.2 million equity raise, where BitMine sold around 5.2 million shares at $70 each to an institutional investor, with Moelis & Co acting as the sole placement agent.

Additionally, B.Riley has initiated coverage on BitMine Immersion Technologies with a Buy rating and a price target of $90. The firm highlighted BitMine’s experienced management team and its strategic plans to acquire a 5% stake in the Ethereum network. BitMine describes its investment in Eightco Holdings as part of its "moonshots" portfolio. These recent developments underscore BitMine’s strategic maneuvers in the cryptocurrency market.

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