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LAS VEGAS - BitMine Immersion Technologies, Inc. (NYSE AMERICAN:BMNR) announced Thursday that its Ethereum holdings have exceeded $1 billion, representing more than 300,000 ETH and ETH equivalents. The company, currently valued at $1.83 billion, has demonstrated remarkable market performance with a 348% return over the past year, according to InvestingPro data.
The milestone comes just seven days after the company closed on its initial private placement of $250 million on July 8, which was initiated to advance its asset-light treasury strategy.
According to the company’s statement, BitMine’s ETH holdings totaled 300,657 as of early Thursday morning, valued at $3,461.89 per ETH.
"We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply," said Thomas "Tom" Lee of Fundstrat, who serves as Chairman of BitMine’s Board of Directors.
The company aims to increase ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield. BitMine CEO Jonathan Bates stated the company is "committed to Ethereum’s continued growth."
The announcement noted that 60,000 ETH, representing approximately $200 million in notional value, are held through in-the-money options backed by unencumbered cash.
BitMine operates Bitcoin mining facilities in Trinidad and Texas locations including Pecos and Silverton. The company focuses on cryptocurrency accumulation for long-term investment through both mining operations and capital raising transactions.
This article is based on a press release statement from BitMine Immersion Technologies.
In other recent news, BitMine Immersion Technologies has made significant strides in its financial strategies. The company announced that its Ethereum holdings have surpassed $500 million, a milestone achieved shortly after closing a $250 million private placement on July 9. BitMine now holds 163,142 ETH, valued at approximately $3,072.67 per ETH. This development aligns with BitMine’s strategy to increase its Ethereum stake and enhance shareholder returns. Additionally, BitMine has entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and ThinkEquity LLC, allowing the company to sell up to $2 billion in common stock. This offering is structured to provide flexibility, as the company is not obligated to sell shares and can terminate the agreement at any time. The recent private placement was led by MOZAYYX and included several notable investors, supporting BitMine’s strategic shift to adopt Ethereum as its primary treasury reserve asset. These moves highlight BitMine’s focus on expanding its cryptocurrency holdings and leveraging Ethereum’s capabilities for future growth.
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