BitMine Immersion Technologies bought another $73 million in ether last week, lifting its stash to 4.8% of Ethereum’s circulating supply. The purchase keeps the Tom Lee-chaired treasury company on track for its goal of holding 5% of all ETH.
BitMine Immersion Technologies added 42,197 ETH worth roughly $73 million over the past week, according to the company’s own holdings update posted Monday. The purchase lifted the Ethereum treasury company’s total to 5,742,237 ETH, about 4.8% of Ethereum’s circulating supply. BitMine, chaired by Fundstrat’s Tom Lee, now stands as the largest corporate holder of ETH.
The firm put its total crypto and other holdings at $11.1 billion, including the ether position valued at $1,800 per coin, 206 BTC, a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings. It also holds $527 million in cash and marketable securities, per the same update.
BitMine’s staked ETH total stood at 4,879,157, unchanged from the prior week. The company left its staking position flat even as its overall ether balance grew.
The weekly accumulation keeps BitMine on pace toward its stated goal of controlling 5% of ETH’s total supply, a threshold it has cited as a benchmark for its treasury strategy. In June, Lee publicly defended the company’s funding model after an insider warned of a cash gap. He has also described crypto as a “wartime store of value” in prior remarks.
Source: The Defiant
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