BitMine Immersion Boosts Ether Holdings to $8.1B, With $623M in Cash for More PurchasesBitMine Immersion Technologies (BMMR), the Nasdaq-listed digital asset treasury firm led by Fundstrat's Tom Lee, continued to accumulate tokens as crypto prices fell.
The firm added over 150,000 ETH through last week, according to a Tuesday press release. The purchase brought the company's total holdings to 1,866,974 tokens, worth roughly $8.1 billion at current prices, with around $635 million in cash for further acquisitions, the firm said.
BMNR was slightly down pre-market at $43, and remained 35% lower than its mid-August peak as ETH pulled back from record prices.
BitMine, which pivoted to an ETH strategy in June, aims to corner 5% of the second-largest cryptocurrency's supply and generate yield by staking the tokens. The firm currently ranks as the largest listed ETH treasury firm and only trails the bitcoin-focused Strategy's $71 billion BTC holdings among all crypto treasury firms.
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BitMine Immersion Boosts Ether Holdings to $8.1B, With $623M in Cash for More Purchases
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