BitMine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury company led by Fundstrat's Thomas Lee, has significantly increased its ether (ETH) portfolio. The firm acquired 179,251 ETH tokens last week, valued at approximately $820 million at current market prices.
This strategic purchase elevates BitMine's total ETH holdings to over 2.83 million tokens, representing more than 2% of Ethereum's total circulating supply, as confirmed in a recent press release.
The company's stock rose 4% in premarket trading, mirroring positive momentum in cryptocurrency valuations over the weekend.
BitMine's combined cryptocurrency and cash reserves now stand at $13.4 billion. This includes $456 million in cash, 192 bitcoin (BTC), and an investment stake in Eightco Holdings (ORBS), a digital asset treasury vehicle with focus on Worldcoin (WLD).
BMNR shares gained 4.3% in pre-market activity, reaching over $59 per share - the highest level recorded in two weeks.
Since restructuring in June, BitMine has embraced the digital asset treasury model where publicly-traded companies raise capital to accumulate cryptocurrencies, following the successful blueprint established by MicroStrategy, the world's leading corporate bitcoin holder.
The company aims to secure 5% of Ethereum's total supply and generate additional yield through ETH staking protocols. BitMine currently ranks as the largest publicly-listed ETH treasury firm and trails only MicroStrategy's BTC holdings among all corporate crypto treasury entities.
"We maintain strong conviction that artificial intelligence (AI) and cryptocurrency represent the two dominant supercycle investment narratives," stated Chairman Thomas Lee. "Given that ETH's current price reflects a discount to future potential, this positions the token favorably and explains why BitMine's primary treasury asset remains Ethereum."