BitMine Immersion Technologies, led by Thomas Lee, acquired over 200,000 ether tokens worth about $800 million last week amid a cryptocurrency market correction. The purchase brings the company's total assets to $13.4 billion, with ether comprising the majority. This move continues BitMine's strategy to accumulate up to 5% of the total ether supply.
BitMine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury firm chaired by Fundstrat's Thomas Lee, extended its ether buying spree by purchasing more than 200,000 ETH tokens last week. Valued at roughly $800 million, this acquisition occurred during a crypto market correction that included a dramatic crash on October 10. Over the past two weeks, the company has bought approximately $1.6 billion worth of ETH, viewing the downturn as a prime opportunity.
As of Sunday evening, BitMine reported $13.4 billion in combined crypto, equity, and cash assets. This includes 3.24 million ETH tokens, worth over $13 billion and representing about 2.7% of the total ETH supply—halfway to the firm's goal of 5%, dubbed the 'Alchemy of 5%'. Other holdings consist of $219 million in unencumbered cash, 192 bitcoin, and a $119 million equity stake in Eightco Holdings (ORBS).
Chairman Thomas Lee described the market dip as presenting an 'attractive risk/reward,' stating that the 'price dislocation represents an attractive risk/reward.' He also noted that the 'bubble' of digital asset treasury firms might have burst, with many new entrants trading below their net asset value, though BMNR maintains a slight premium according to Blockworks data.
The announcement propelled BitMine's stock up 8% as cryptocurrency prices modestly recovered over the weekend. The company leads peers in raising crypto net asset value per share and BMNR stock liquidity.