BitMine’s ETH Holdings Top 1.7M Tokens, With $562M of Buying Power Remaining

The firm’s crypto and cash holdings rose to nearly $9 billion at one point Sunday prior to the plunge in crypto prices.

• BitMine Immersion Technologies acquired over 190,500 ETH through last week, increasing its total holdings over 1.7 million tokens.
• The company’s combined crypto and cash holdings hit $8.8 billion as of Sunday before a steep market downturn reduced the value.
• BMNR stock’s high trading volume is aiding the firm’s rapid fundraising efforts, Tom Lee said.

BitMine Immersion Technologies (BMNR), the public ether (ETH) treasury company led by Fundstrat’s Tom Lee, continued its buying spree acquiring over 190,500 tokens through last week, the firm reported on Monday.

That brought total ETH holdings 1,713,899 tokens, worth roughly $7.9 billion at current ETH prices. The firm also held $562 million in cash for further acquisitions.

BitMine earlier this month filed to raise $20 billion more through stock sales.

The company said its crypto and cash holdings combined hit $8.8 billion as of late Sunday at a $4,800 ETH price, up from the previous week’s $6.6 billion. However, the overnight crypto market plunge brought the stash’s value down as ETH fell below $4,600 by U.S. morning hours.

BMNR stock was own 2.6% premarket, after rallying 12% on Friday.

The stock’s high trading volume helped the company to raise funds and increase ETH holdings at a fast pace, Lee said in a statement. BMNR booked a $2.8 billion average daily volume last week, ranking 20th among U.S. stocks trailing crypto exchange Coinbase (COIN).