BitMine Immersion Added $821M in Ether, Bringing Cash and Crypto Holdings to $13.4B

BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm led by Fundstrat's Thomas Lee, continued to buy ether $ETH$4,589.19 adding 179,251 tokens to its balance sheet through last week, worth roughly $820 million at current prices.

With the latest purchase, the firm's $ETH stash surpassed 2.83 million tokens, more than 2% of the second largest cryptocurrency's supply, according to a Monday press release.

Shares are up 4% premarket alongside the weekend gains in crypto prices.

The company said total crypto and cash reserves stand at $13.4 billion, including $456 million in cash, 192 bitcoin $BTC$124,864.99, and a stake in Eightco Holdings (ORBS), a digital asset treasury vehicle focused on WLD$1.2724.

BMNR stock was up 4.3% pre-market at just over $59, its strongest level in two weeks.

Since the firm's June pivot, BitMine is part of the digital asset treasury trend where publicly-traded firms raise funds to accumulate cryptocurrencies, following the playbook of Michael Saylor's Strategy, the world's largest corporate bitcoin owner.

BitMine aims to corner 5% of ether's supply and generate yield by staking the tokens. The firm currently ranks as the largest listed $ETH treasury firm and only trails the bitcoin-focused Strategy's $BTC holdings among all crypto treasury firms.

"We remain confident that the two supercycle investing narratives remain [artificial intelligence] AI and crypto," chairman Thomas Lee said in a statement. "Since $ETH's price is a discount to the future, this bodes well for the token and is the reason BitMine's primary treasury asset is $ETH."

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