Key Takeaways
- BitMine added 153,000 ETH last week, bringing its total holdings to 1.87 million ETH alongside 192 BTC and $635 million in cash.
- Chairman Tom Lee framed Ethereum as a decades-long supercycle akin to Wall Street’s expansion after the end of the gold standard in 1971.
BitMine Immersion Technologies announced earlier today that it expanded its Ethereum holdings, adding 153,000 ETH last week and holding $635 million in cash for potential future Ethereum acquisitions.
The NYSE American-listed firm’s new additions bring its total Ethereum holdings above 1.8 million ETH worth $8.15 billion at current prices, along with 192 BTC, lifting its combined crypto and cash assets to nearly $9 billion.
BitMine pivoted to an Ethereum-focused treasury strategy in June and aims to corner 5% of ETH’s supply while generating staking yields.
The company also published a new investor presentation titled “the Alchemy of 5%” and released the latest episode of its video series “The Chairman’s Message,” hosted by Chairman and Fundstrat co-founder Tom Lee.
In the presentation, Lee drew parallels between Ethereum today and the transformation of Wall Street after the US abandoned the gold standard in 1971.
BitMine’s stock has also surged in trading activity. According to Fundstrat, the company’s average daily dollar volume reached $2.3 billion as of August 24, placing BMNR among the 25 most-traded US stocks, ahead of JPMorgan and close to Costco and Marvel Technologies.
At press time, BMNR was trading at $44, down 38% from its mid-August peak as ETH retreated from record highs.
Source: https://cryptobriefing.com/bitmine-holds-1866974-eth/
