BitMine Boosts Ethereum Stash To $6.6B, Becomes Second-Largest Corporate Crypto Holder
Synopsis
The company said that its total crypto holdings now comprise 1,523,373 ETH and 192 Bitcoin.
BitMine Immersion Technologies (BMNR) announced on Monday that it has scooped up 373,110 Ethereum (ETH) tokens in its latest purchase to shore up its treasury.
BMNR’s stock fell as much as 6% in premarket trading, tracking Ethereum’s price dip of 6.2% over the past day. On Stocktwits, retail sentiment around Bitmine’s stock trended lower within the ‘extremely bullish’ territory. Meanwhile, retail sentiment around Ethereum was in the ‘bullish’ zone.
Bitmine said that its total crypto holdings now exceed $6.6 billion, comprising 1,523,373 ETH and 192 Bitcoin (BTC). BitMine was already the largest corporation holder of Ethereum. It’s now also the second-largest crypto holder, second only to Michael Saylor’s Strategy (MSTR), after overtaking Mara Holdings (MARA), which has a BTC balance of $5.83 billion, as per data from Bitcoin Treasuries.
However, the gap between Bitmine’s crypto holdings and Strategy’s holdings of nearly $75 billion is a large one to fill. MSTR’s stock was also in the red during pre-market trade on Monday, down as much as 2.5%. This mirrored Bitcoin’s price dip of 2.8% in the last 24 hours.
"In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion (adding over 373,000 tokens from 1.15 million to 1.52 million tokens), as institutional investors have expressed interest and support for our pursuit of the 'alchemy of 5%' of ETH," said BItMine Chairman Tom Lee, who’s also a managing partner at Fundstrat.
According to him, Ether is “one of the biggest macro trades” over the next 10 to 15 years. "Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system,” he said, noting that most of that transformation is taking place on the Ethereum blockchain.
BMNR pivoted to an Ethereum treasury strategy in June, earlier this year. BMNR’s stock has gained more than 600% this year and 400% over the last 12 months.
Read also: Bitcoin Slips Under $116,000 While Cardano, Solana Lead Altcoin Selloff
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