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Bitmine Buys Billions in Ethereum, Stock Soars
25 Nov
Summary
- Bitmine acquired 69,822 Ethereum tokens, boosting holdings to $10.3 billion.
- The company's Ethereum now represents 3% of the total token supply.
- Bitmine also holds 192 Bitcoins and $800 million in cash.
Bitmine Immersion Technologies Inc. (BMNR) experienced a notable surge in its stock value, climbing by 19.62 percent to close at $31.10. This market performance followed the company's successful acquisition of a substantial amount of Ethereum coins. As of November 23, Bitmine's total Ethereum ownership reached $10.3 billion, fulfilling its objective to hold 3 percent of the cryptocurrency's total supply.
The company recently added 69,822 Ethereum tokens to its portfolio, bringing its total holdings to 3.6 million. These tokens were acquired at an average price of $2,840 each. Beyond its significant Ethereum investments, Bitmine Immersion Technologies Inc. also possesses 192 Bitcoins and a $38 million stake in Eightco Holdings, which focuses on Worldcoin. Furthermore, the company maintains substantial liquidity with $800 million in unencumbered cash.
Despite the positive performance, Chairman Thomas Lee noted the recent decline in crypto prices due to impaired liquidity and weak technicals. He suggested that current Ethereum prices present an attractive risk/reward balance, with limited downside and potential for significant gains in a future supercycle. The company's strategic diversification into digital assets positions it uniquely in the evolving market.
