Nasdaq-listed BitMine Immersion Technologies (BMMR) has significantly expanded its Ethereum holdings by acquiring more than 150,000 ETH last week, according to a press release. This purchase raised the company’s total to 1,866,974 tokens, valued at $8.1 billion at current prices. In addition, the firm maintains $635 million in cash reserves for further acquisitions.
Led by Fundstrat’s Tom Lee, BitMine pivoted to an ETH-focused strategy in June, with an ambitious goal of cornering 5% of Ethereum’s circulating supply. By staking its large token holdings, the company aims to generate consistent yield while strengthening its position in the growing Ethereum ecosystem.
Though BMMR’s stock price has declined 35% since mid-August as ETH corrected from record highs, the company remains the largest listed ETH treasury. Among crypto treasuries globally, BitMine trails only Strategy’s $71 billion Bitcoin portfolio, underlining its aggressive approach to digital asset accumulation.
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