BitMine Expands Ethereum Treasury With 51,162 ETH ($98M) Purchase

BitMine Immersion Technologies, the leading corporate Ether holder, has increased its ETH stash. Over the past week, the firm accumulated 51,162 ETH (worth approximately $98 million), bringing its total holdings to over 4.42 million coins at the time of writing.

BitMine Continues ETH Shopping

In addition to the latest ETH acquisition, the firm holds 193 BTC, cash of $691 million, and a stake of $17 million in Eightco Holdings. The company added that it recently completed the millions-worth investment in Beast Industries. This brings the value of the firm’s total assets to $9.6 billion.

The public company noted in a press release that its staked ETH has now surpassed 3.04 million ETH (worth $6 billion). According to BitMine’s chairman, Tom Lee, this milestone positions the firm’s staked ETH as the largest globally. Its rewards from staked ETH amount to $249 million annually.

With a balance sheet of more than 4.42 million ETH, BitMine currently holds about 3.66% of the coin’s circulating supply of 120.7 million ETH.

Recall that BitMine is on a quest to achieve an Alchemy of 5%, which is holding 5% of the second-largest cryptocurrency. In just seven months, the company has achieved up to 3.66%, which is 73% away from its goal.

BitMine’s ETH Stash Under Water

BitMine has spent $16.4 billion in funding its Ethereum treasury. However, its holdings are currently valued at over $8 billion as ETH’s price has tumbled. At the time of writing, the cryptocurrency sold for $1,916, down 4.4% over the past week.

Calling the market downturn a “mini crypto winter,” Lee explained that the price dip is a buying opportunity for the company.

“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” he added.

Despite Lee’s optimism, the public company’s common stock, BMNR, is currently down nearly 3%, trading at $19.53. This suggests that investors do not share the same optimistic outlook as BitMine’s chairman.

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