BitMine Tops $9B in Crypto Holdings, Fuels 1,000% Surge For EightCo Stock

BitMine Immersion Technologies announced on Sept. 8 that its total cryptocurrency plus cash holdings now exceed $9 billion, with its Ethereum ETH $4 336 24h volatility: 1.4% Market cap: $523.28 B Vol. 24h: $25.16 B treasury surpassing two million coins at an average price of $4,312.c

The firm holds an additional 192 Bitcoin BTC $112 428 24h volatility: 1.2% Market cap: $2.24 T Vol. 24h: $35.64 B and has an unencumbered cash reserve of $266 million. According to a press release, it is now the top ETH treasury globally and the second-largest cryptocurrency treasury firm behind Michael Saylor‘s Strategy.

BitMine also confirmed a $20 million strategic investment into Eightco Holdings for the purchase of 13,698,630 shares of common stock issued at $1.46. The firm says this investment marks the start of its “Moonshot strategy” designed to “back bold ideas that strengthen Ethereum’s vast ecosystem.”

Eightco Holdings Adopts Worldcoin as Primary Treasury Asset

For its part, Eightco Holdings saw its shares surge by more than 1,000% in premarket trading on Sept. 8 after the company raised $250 million through a private placement (PIPE) investment and moved to adopt Worldcoin, the Sam Altman-led digital identification platform, as its primary treasury reserve asset.

Eightco also tapped Dan Ives, a renowned Wall Street financial analyst, as its chairman of the board.

As Coinspeaker recently reported, Ethereum seemingly faces mounting selling pressure, with futures data showing that sellers outweigh buyers by $570 million. According to data from Refinitiv, the current price point for ETH as of the time of this article’s publication is approximately $4,367, up about 2% over the previous week’s close at $4,280.

Ethereum maintains its weekly position after previously posting an ATH of $4,953 in August. Source: Refinitiv.

According to Eightco, the PIPE investment which raised $250 million will be used to execute the “world’s first Worldcoin treasury strategy.” According to data from CoinMarketCap, Worldcoin is trading at $1.49 as of the time of this article’s publication, up 39.06% month over month.

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