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BitMine Reports $13.7 Billion in Assets and 3.4 Million ETH Tokens
BitMine Immersion Technologies (NYSE American: BMNR) announced that its total cryptocurrency, cash, and other assets amount to $13.7 billion as of November 2.
The company holds 3.4 million Ethereum (ETH) tokens valued at $3,903 each, representing 2.8% of the total ETH supply. BitMine also owns 192 Bitcoin, $62 million in Eightco Holdings (ORBS) shares, and $389 million in cash.
Over the past week, BitMine acquired 82,353 ETH tokens and increased its cash position from $305 million to $389 million.
The company stated that it aims to accumulate 5% of Ethereum’s total supply.
“We’re already more than halfway toward our initial goal of the ‘5% ETH Alchemy,’” said Thomas Lee, BitMine Chairman and head of Fundstrat.
BitMine claims to be the largest holder of ETH globally and the second-largest corporate holder of cryptocurrency after MicroStrategy, which owns 640,808 Bitcoin worth $71 billion.
The average daily trading volume of BitMine shares reached $1.5 billion over the five days ending October 24, ranking it 60th among U.S. public companies by trading volume, according to Fundstrat data.
Among BitMine’s institutional investors are Cathie Wood’s ARK, Founders Fund, Bill Miller III, Pantera, Kraken, Digital Currency Group, and Galaxy Digital, as stated in the press release.
BitMine operates Bitcoin mining facilities in Trinidad, Pecos (Texas), and Silverton (Texas). The company describes its business as focused on accumulating crypto assets through mining and long-term investment.
See also: "Around $5.5 Billion Withdrawn from MEXC in a Short Period"
