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BitMine Immersion Ramps Up Ether Acquisition, Adding $435M of ETH to Treasury
Source: CryptoNewsNet Original Title: Tom Lee’s BitMine Immersion Ramps Up Ether Acquisition, Adding $435M of ETH to Treasury Original Link: BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm, acquired 138,452 ether last week, accelerating its accumulation strategy that lifted its total holdings to 3.86 million tokens, the company reported Monday.
At current ETH prices, last week’s acquisition is worth roughly $435 million. That’s a 156% increase from four weeks ago when it added about 54,000 ETH, the firm pointed out, and it’s also higher than the previous two weeks’ haul of 97,000 and 70,000 tokens.
The firm also increased its cash holdings to $1 billion, up from the previous week’s $882 million. Including its small bitcoin stash and a stake in Eightco Holdings (ORBS), the company’s total crypto and cash assets are worth $13.2 billion.
The latest purchase increases BitMine’s share of the second largest cryptocurrency’s circulating supply to over 3.2%, reinforcing its position as the largest known ETH treasury.