In brief
- Ethereum treasury company BitMine Immersion Technologies bought more ETH last week.
- The company now holds 3.5 million ETH, valued at about $12.4 billion.
- BitMine’s share price is up about 5% on the day as of this writing.
Publicly traded Ethereum treasury company BitMine Immersion Technologies added 110,301 ETH—$389 million worth at the current price—to its holdings over the last week, the company announced Monday.
The company’s portfolio includes over 3.5 million ETH—valued at about $12.4 billion as of this writing—along with 192 Bitcoin ($20.2 million worth) and $398 million in cash.
Ethereum has been sinking in recent weeks alongside the wider market, with the coin down nearly 15% over the last two weeks per data from CoinGecko. It began to rebound on Sunday amid word that the U.S. government shutdown may soon be ending, but ETH has since pared back gains, showing only an 0.6% gain over the past 24 hours to a price of $3,528.
BitMine purchased 34% more ETH last week than the week prior, with Chairman Tom Lee attributing the larger buy to taking advantage of depressed prices.
“The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week,” said Lee in a statement.
BitMine now holds 2.9% of ETH’s total supply, progressing toward the firm’s goal of acquiring 5%. The company ranks as the world’s top Ethereum treasury—handily outpacing runner-up SharpLink Gaming with just over $3 billion worth—and second-largest overall crypto treasury behind Strategy with its nearly $68 billion in Bitcoin.
Shares of BitMine (BMNR) are up more than 5% on the day to a recent price of $42.20. The firm’s stock is down nearly 20% over the last month amid recent crypto market weakness.
Lee emphasized growing institutional interest in blockchain technology following a recent summit with financial institutions at the NYSE, co-hosted by BitMine and the Ethereum Foundation.
“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors,” he said in a statement. “This is the key fundamental story, and supports our view that Ethereum is a super cycle story over the next decade.”
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Source: https://decrypt.co/347997/bitmine-stock-rises-tom-lee-firm-buys-390-million-ethereum
