BitMine Immersion adds $821 million in ether to its treasury
BitMine Immersion Technologies has purchased an additional 179,251 ether tokens worth about $821 million, boosting its holdings to over 2.83 million ETH. This move solidifies the firm's position as the largest corporate holder of ether. The company's total cash and crypto reserves now stand at $13.4 billion.
Last week, BitMine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury firm led by Fundstrat's Thomas Lee, added 179,251 ether tokens to its balance sheet. Valued at roughly $821 million at current prices of around $4,005 per ETH, this purchase increased the firm's total ETH holdings to more than 2.83 million tokens, representing over 2% of ether's circulating supply.
The acquisition aligns with BitMine's strategy to accumulate up to 5% of ether's supply and generate yield through staking. The firm now holds the largest listed ETH treasury and trails only MicroStrategy's bitcoin holdings among all corporate crypto treasuries. BitMine's overall reserves include $456 million in cash, 192 bitcoin valued at about $111,480 each, and a stake in Eightco Holdings (ORBS), a Worldcoin-focused treasury vehicle.
In a Monday press release, Chairman Thomas Lee emphasized the firm's outlook: "We remain confident that the two supercycle investing narratives remain [artificial intelligence] AI and crypto." He added, "Since ETH's price is a discount to the future, this bodes well for the token and is the reason BitMine's primary treasury asset is ETH."
BMNR shares rose 4.3% in pre-market trading to just over $59, marking the stock's strongest level in two weeks, amid weekend gains in cryptocurrency prices. This purchase follows BitMine's pivot in June toward building a digital asset treasury, emulating MicroStrategy's bitcoin accumulation model.