Bitmine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury firm led by Fundstrat’s Thomas Lee, continued to buy Ether. Ethereum$4,589.19 By last week, it had added 179,251 tokens to its balance sheet, worth about $820 million at current prices.
The purchase brings the company’s ETH holdings to more than 2.83 million tokens, or more than 2% of the supply of the second-largest cryptocurrency, according to a press release on Monday.
The stock rose 4% pre-market as crypto prices rose over the weekend.
The company announced that the total amount of virtual currency and cash was $13.4 billion, of which $456 million was cash and 192 Bitcoin. BTC$124,864.99and Eightco Holdings (ORBS) stock, focused on digital asset financial instruments wild$1.2724.
BMNR stock rose 4.3% premarket to just over $59, its highest level in two weeks.
Since the company reversed course in June, BitMine has become part of a trend in digital asset treasury where publicly traded companies raise money to accumulate cryptocurrencies, following the playbook of Michael Saylor, the world’s largest corporate Bitcoin holder.
BitMine aims to capture 5% of Ether supply and generate revenue by staking tokens. The company currently holds the largest position as a publicly traded ETH treasury company, trailing only Bitcoin-focused Strategy’s BTC holdings among all crypto treasury companies.
“We remain convinced that the two supercycle investment stories are (artificial intelligence) AI and cryptocurrencies,” Chairman Thomas Lee said in a statement. “This bodes well for the token as the price of ETH is a discount to the future, which is why BitMine’s primary financial asset is ETH.”
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