BitMine (BMNR) Adds 82,353 ETH

The company's 3.4 million of ETH tokens represents just shy of 3% of the total supply.

BitMine Immersion Technologies (BMNR), the Ethereum-centric treasury firm led by Fundstrat’s Thomas Lee, bought 82,353 ether (ETH) at $3,722.23 through last week, worth roughly $306 million at early Monday prices, lifting its total holdings to 3.4 million tokens, the company reported on Monday.

BMNR's Trading Performance.

BMNR is lower by 5.7% in early Monday trading alongside a sizable late weekend and Monday drop in the crypto prices, with ETH lower by 3.5% over the past 24 hours to $3,715.

Cash Holdings and Total Valuation.

The company said it also boosted its unencumbered cash holdings to $389 million, up from $305 million a week ago. The combined value of BitMine’s crypto, cash and equity stakes now totals $13.7 billion, according to the press release, including a $62 million position in Eightco Holdings and a total of 192 bitcoin.

BitMine’s Share of ETH Supply.

The move brings BitMine’s share of the ETH supply to 2.8%, worth roughly $13.3 billion at current prices as part of a long-term strategy to acquire 5% of the token’s supply. "We’re now more than halfway to our goal," said Lee in a statement.

Market Context.

The acquisition happened while many digital asset treasuries saw their share prices plummet over the past few months, struggling to raise cash and pursue their mandate to accumulate cryptocurrencies. Some entities, such as ETHZilla and Brazil’s OranjeBTC, pivoted to buy back shares as their stock price fell below the net asset value of their underlying holdings.

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