BitMine Immersion Adds $821M Ether, Total Holdings Reach $13.4B
BitMine Immersion Technologies, led by Thomas Lee, has acquired 179,251 ETH tokens, valued at approximately $820 million, increasing its total holdings to over 2.83 million ETH, which accounts for more than 2% of Ethereum's supply.
- The firm's crypto and cash reserves total $13.4 billion, including $456 million in cash, 192 BTC, and a stake in Eightco Holdings.
- BMNR stock rose by 4.3% pre-market, reaching its highest level in two weeks at over $59.
- BitMine aims to control 5% of Ethereum's supply and generate yield through staking.
- The company is the largest listed ETH treasury firm, surpassed only by Strategy's BTC holdings among all crypto treasury firms.
Thomas Lee views AI and crypto as key investment narratives, emphasizing ETH's potential due to its current price discount relative to expected future value.