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BitMine Immersion Technologies (NYSE American: BMNR) reported cryptocurrency holdings of $6.612 billion as of August 17, according to a company statement. The holdings comprise 1,523,373 ethereum tokens valued at $4,326 per token and 192 bitcoin.
The company’s ethereum holdings increased by $1.7 billion from $4.9 billion reported the previous week, adding more than 373,000 tokens. BitMine launched its ethereum treasury strategy on June 30, closing the initial acquisition on July 8.
The company’s cryptocurrency treasury ranks second globally behind MicroStrategy, which holds 628,946 bitcoin valued at $74 billion. BitMine holds what it describes as the largest ethereum treasury globally.
"In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion, as institutional investors have expressed interest and support for our pursuit of the ’alchemy of 5%’ of ETH," said Thomas Lee, chairman of BitMine and founder of Fundstrat.
According to Fundstrat data, BitMine’s stock traded an average daily volume of $6.4 billion over a five-day period as of August 8, ranking 10th among US-listed stocks by trading volume.
BitMine’s institutional investor base includes ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital. The company operates bitcoin mining facilities in Trinidad and Texas locations including Pecos and Silverton.
The company focuses on cryptocurrency accumulation through mining operations and capital raising transactions, offering bitcoin mining services and advisory functions to other companies seeking cryptocurrency-denominated revenues.