BitMine Immersion Technologies, a company once focused on mining Bitcoin, has made a remarkable pivot. The American firm recently added over 316,000 Ethereum (ETH) tokens to its treasury in just one week. This massive purchase has cemented its position as the world’s leading corporate holder of Ethereum.
The company now boasts a staggering 1.15 million ETH. This digital hoard is worth over $4.9 billion. This valuation was confirmed earlier this week when the price of Ethereum soared past $4,300. BitMine announced these impressive figures in a press release on Monday.
BitMine, whose shares trade on the American stock exchange, shifted its main strategy on June 30. They moved from Bitcoin mining to actively gathering Ethereum. Since then, the company has been buying tokens at a rapid pace. It quickly became the corporation with the most ETH on its balance sheet. Just a week ago, BitMine reported holding 833,137 ETH. At that time, its Ethereum stash was valued at more than $2.8 billion.
The company has a clear, ambitious goal. They plan to secure up to 5% of the entire Ethereum supply. Tom Lee, BitMine’s Board Chairman, calls this bold objective “5% alchemy.” Lee, also from Fundstrat, highlighted the speed of this acquisition. He noted BitMine’s “lightning speed” in their pursuit of this goal.
Ethereum Hoard Boosts BitMine Stock Appeal
A growing number of public companies in the United States are using stock markets to fund cryptocurrency purchases. This trend gained popularity thanks to Strategy, a company known for being the biggest corporate holder of Bitcoin.
Other firms, like SharpLink Gaming and The Ether Machine, are also collecting Ethereum. SharpLink currently holds 598,800 ETH, while The Ether Machine has 345,400 ETH. These numbers place them second and third, respectively, after BitMine. Tom Lee stated that BitMine leads its peers in crypto treasury. He pointed to the swift growth in net asset value per share in crypto. He also highlighted the high trading liquidity of their shares.
BitMine’s stock, trading under the ticker BMNR, has been on a tear. Shares jumped almost 27% at market open, reaching $65.3. This extended their monthly gains to over 60% and an astonishing 920% over the last six months, according to Google Finance data. The company added that BMNR shares have become one of the most actively traded in the U.S. market. Last week, the average daily trading volume was $2.2 billion. This places BMNR 25th among U.S.-listed companies. They even surpassed banking giant JPMorgan (JPM) and chip maker Micron Technology (MU).
The rush by companies to accumulate Ethereum has also fueled the crypto’s price. ETH hit new cycle highs, breaking past $4,300 for the first time since 2021 over the weekend. The price currently hovers around $4,284.
Sources:
PRNewswire
Strategic ETH Reserve