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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR) announced its cryptocurrency and cash holdings have reached $11.8 billion, with the company now owning approximately 2.9% of all Ethereum tokens in circulation. The company's market capitalization stands at $9.8 billion, according to InvestingPro data.
As of November 16, BitMine's holdings include 3,559,879 ETH valued at $3,120 per token, 192 Bitcoin, a $37 million stake in Eightco Holdings (NASDAQ:ORBS), and $607 million in unencumbered cash, according to a press release statement. Despite the impressive holdings, InvestingPro analysis indicates the stock is trading significantly above its Fair Value, with a year-to-date return of 341%.
BitMine has positioned itself as the largest Ethereum treasury in the world and the second-largest global cryptocurrency treasury behind Strategy Inc., which holds 641,692 Bitcoin valued at $61 billion.
"Crypto prices have not recovered since the liquidation event on October 10th. And the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet," said Thomas Lee, Chairman of BitMine, in the statement.
The company has also emerged as one of the most actively traded stocks in the United States, with an average daily trading volume of $1.4 billion over the past five days as of November 14, ranking 48th among all U.S.-listed stocks.
In his November Chairman's message, Lee discussed factors driving the four-year cryptocurrency price cycle and suggested that the current cycle's peak may still be 12-36 months away. He also highlighted the potential impact of tokenization of assets on the Ethereum blockchain.
BitMine's operations are located in Trinidad and two locations in Texas – Pecos and Silverton. The company focuses on cryptocurrency accumulation for long-term investment through mining operations and capital raising transactions.
In other recent news, BitMine Immersion Technologies announced that its cryptocurrency, cash, and investment holdings have reached significant levels. The company's portfolio is valued at $14.2 billion, comprising 3.31 million Ethereum tokens, 192 Bitcoin, an $88 million stake in Eightco Holdings, and $305 million in cash. This positions BitMine as a major player in the Ethereum market, holding 2.8% of the total supply. In a leadership shift, Chi Tsang has been appointed as the new Chief Executive Officer, replacing Jonathan Bates. Tsang will also join the company's Board of Directors, marking a strategic change in its leadership. Recently, BitMine's stock experienced a decline following a broader downturn in cryptocurrency-related stocks as Bitcoin fell below the $100,000 mark. Despite the stock movement, the company's holdings reflect its ongoing commitment to expanding its cryptocurrency assets. Analyst firms have not provided new upgrades or downgrades for BitMine at this time.
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