BitMine Immersion Technologies added 42,197 ETH worth about $73 million last week, lifting its holdings to 5,742,237 ETH — roughly 4.8% of Ethereum’s circulating supply. The purchase keeps the Tom Lee-chaired treasury firm on track toward its goal of holding 5% of all Ether.
BitMine Immersion Technologies (NYSE: BMNR) bought 42,197 ETH worth roughly $73 million over the past week, extending its accumulation of the token. The purchase lifts the company’s stack to 5,742,237 ETH, about 4.8% of Ethereum’s circulating supply. BitMine, an Ethereum treasury firm chaired by Fundstrat’s Tom Lee, disclosed the totals in a holdings update posted Monday.
The ETH position values each coin at $1,800 and forms the bulk of total crypto and other holdings of $11.1 billion. Alongside the Ether, BitMine reported 206 BTC, a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings (NASDAQ: ORBS). The company also holds $527 million in cash and marketable securities, according to the same update.
BitMine’s staked ETH stood at 4,879,157, unchanged from the prior week, according to a tracker citing the company’s disclosure. The firm did not add to its staked position even as its overall Ether balance grew.
The buildup has made BitMine the largest corporate holder of ETH. Tom Lee defended the company’s funding model in June after an insider warned of a cash gap.
For now, the weekly buying keeps BitMine on pace toward its stated goal of controlling 5% of ETH’s total supply, a benchmark it has cited for its treasury strategy. Its stock trades under BMNR on the NYSE. BitMine’s own post did not break out the weekly purchase separately from its cumulative total, though the $73 million figure and 4.8% calculation appeared consistently across independent trackers monitoring the disclosure.
Source: The Defiant
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