BitMine Spends $143M on 71,000 ETH in Epic Weekly Haul

BitMine Immersion, the largest public holder of ETH, has topped its Ether treasury in its latest weekly big buy.

According to its latest announcement, the firm spent $14 million to accumulate 71,000 ETH. This brings its ETH stash to 4.803 million units, valued at approximately $10.2 billion. Interestingly, the firm’s ETH holdings account for 3.98% of the coin’s circulating supply.

BitMine Continues ETH Accumulation

BitMine’s chairman, Thomas Lee, highlighted that the company has continued to acquire the second-largest crypto despite tensions surrounding the Iran-United States war. He emphasized that ETH did not exhibit a significant downtrend, as it outperformed commodities such as gold.

“The Iran war enters its 6th week and this war remains the most important driver of global markets. ETH remains the second best performing asset since the start of the war, with a 6.8% gain and outperforming the S&P 500 by 1,130bp. And ETH beating gold by 1,840bp demonstrates ETH is the wartime store of value,” he said.

Currently, ETH is trading at $2,140, representing a 5.61% increase over the past 24 hours.

It is worth noting that BitMine’s staked Ether, totaling over 3.33 million ETH, accounts for about 69% of the 4.8 million ETH it holds.

Recall that BitMine began accumulating ETH nine months ago. At the time, it revealed its ambitious “Alchemy of 5%” goal, targeted at holding 5% of the coin’s supply. Following the latest purchase, the public company is now more than 79% closer to reaching this goal. 

BitMine’s BMNR Joins the Big Boys

BitMine’s common stock, BMNR, currently trades on the NYSE American, the Intercontinental Exchange-owned stock exchange focused on small-sized and mid-sized companies.

However, it recently received approval to be uplisted to the New York Stock Exchange, the exchange focused on large-cap companies. This indicates that BitMine’s ETH accumulation practice is rubbing off on its overall business valuation.

Per the transition, BMNR will cease trading on NYSE American on April 8th, while trading on NYSE will commence on April 9th.

According to Google Finance, BMNR has risen over 5% in pre-market trading to $20.47.

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