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BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced its Ethereum holdings have exceeded $2 billion, according to a press release statement. The company holds 566,776 ETH tokens valued at $3,643.752 per token as of July 23 at 11:59 p.m. ET, based on Bloomberg pricing.
The holdings represent an increase of over 700% from the company’s initial $250 million private placement that closed on July 8. BitMine completed this private placement as part of its treasury strategy focused on Ethereum accumulation.
"At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement," said Thomas Lee of Fundstrat, Chairman of BitMine’s Board of Directors. Lee stated the company aims to acquire and stake 5% of the overall ETH supply.
The Las Vegas-based company describes itself as a Bitcoin and Ethereum network company focused on cryptocurrency accumulation for long-term investment. BitMine’s business operations include Bitcoin mining, synthetic Bitcoin mining, and advisory services for companies seeking Bitcoin-denominated revenues.
CEO Jonathan Bates said the company remains committed to Ethereum’s growth and advancing its Ethereum treasury strategy. The company previously stated its goal of increasing ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield.
BitMine operates mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas, focusing on low-cost energy regions for its operations.