BitMine announced the acquisition of 82,353 ETH tokens. The company now holds 3.4 million ETH, worth over $12 billion. This amount accounts for around 2.8% of all circulating Ether.
In the release, BitMine stated that its total assets are worth $13.7 billion. The assets include crypto, cash holdings, plus moonshots.
The company holds 192 bitcoins, while its cash holdings stand at $389 million. The moonshots portfolio includes a stake in Eightco Holdings (ORBS) worth $62 million.
BitMine is close to its Alchemy of 5% goal
BitMine, as previously mentioned, now controls 2.8% of the total circulating Ethereum supply. The company is at the halfway point toward its goal, known as the “Alchemy of 5%.”
BitMine announced its “Alchemy of 5%” plan in March and has been accumulating Ethereum aggressively since then. Based on a Cryptopolitan report, the firm acquired 27,316 ETH worth $113 million from BitGo exchange. Last month, the crypto treasury company purchased a total of 662,169 ETH.
The firm now leads other crypto treasury companies in terms of crypto NAV per share. It also maintains a high trading volume for its stock, BMNR. According to data from Fundstrat, BMNR is the 60th most-traded stock in the United States, ahead of Marvell Technology and right behind Walmart. BMNR has an average daily trading volume of $1.5 billion.
BitMine’s stock, BMNR, is popular among institutional investors such as ARK Invest, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
Tom Lee, chairman of BitMine, is a big supporter of the firm’s plan of amassing 5% of Ether. He said, “Ethereum fundamentals continue to strengthen at an accelerating pace, with stablecoin supply on ETH rising >15% in the past 8 weeks and application revs reaching an all-time high.”
Lee explained that in crypto, price leads fundamentals, and sometimes fundamentals take over, “but price converges higher.” He said that the recent market crash, which wiped out over $19 billion from crypto markets, is a health reset. Lee added, “[the liquidation event] sets the stage for price and fundamentals to eventually converge.
BMNR shares are down by 8.12%
Despite the positive news, BMNR shares dropped more than 8.12% on Monday due to a wider market sell-off. The stock closed trading at $42.86, based on Yahoo Finance data. BMNR has a year-to-date (YTD) return of positive 491.17%.
BitMine ranks first among Ethereum treasury firms based on data from CoinGecko. The company is way ahead of SharpLink, which ranks second with 859,853 Ether in its treasury. BitMine is the second biggest digital asset treasury (DAT) in the world. Strategy Inc (MSTR) takes first place with 640,808 bitcoins worth about $71 billion.
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