The Ethereum holdings for BitMine Immersion Technologies have surged to $10.8 billion after rapid accumulation. Yet, ETH price is down 1.88%, showing strong sell pressure.
BitMine’s $1.87B Ethereum Purchase Highlights Institutional Confidence
According to the press statement, BitMine increased its Ethereum holdings to 2.151 million ETH, now valued at $10.8 billion. The new holdings confirm BitMine as the largest Ethereum treasury in the world and the second-largest overall crypto treasury, trailing only Strategy Inc.
In addition to Ethereum, the company owns 192 Bitcoin, a $214 million stake in Eightco, and $569 million in cash reserves. The latest Ethereum purchase marks a $1.87 billion gain from last week, when the treasury was worth $8.9 billion.
Chairman Thomas “Tom” Lee linked the company’s strategy to structural changes in finance, comparing it to the end of Bretton Woods in 1971. In the last week alone, the company added 82,000 ETH to its balance sheet. Every $100 move in Ethereum’s price now changes the value of BitMine’s treasury by more than $200 million, highlighting the scale of exposure.
The market also reflects BitMine’s rising influence. The press release also revealed that BMNR shares rank as the 28th most traded equity in the United States, with average daily turnover of $2 billion.
That places the stock ahead of Arista Networks and just behind Eli Lilly, unusual for a crypto-focused firm. Institutional backing from ARK’s Cathie Wood, Founders Fund, Galaxy Digital, and Pantera further reinforces confidence in its strategy.
The company’s $1.87 billion increase in holdings within one week underscores its conviction regarding Ethereum. Also, it is a proof of growing institutional shift towards the leading altcoin.
Ethereum Consolidates Near $4,500 as BMNR Stock Posts Gains
Ethereum price adds context to the accumulation. At the time of writing, ETH is trading at $4,535, which represents a 1.55% drop in the last day. The token had soared up to $4,619 earlier in the session before it retreated. It is also up 5.36% and 2.07% in the last week and month, respectively.
The company’s stock performance mirrors its expanding Ethereum strategy. BitMine’s BMNR shares closed at $55.09, up 15.28% in a single day, according to TradingView data. Over the last five days, BMNR has climbed 25.63%, although it remains down 18.07% over the past month.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
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Source: https://coingape.com/tom-lees-bitmine-boosts-ethereum-treasury-by-1-87b/