Tom Lee's BitMine Boosts Ethereum Treasury Holdings to $13 Billion

BitMine Immersion Technologies, the leading publicly traded Ethereum treasury firm, announced Monday that it boosted its total $ETH holdings to $13 billion with a sizable purchase last week.

The company acquired 179,251 $ETH over the last week, or about $823 million worth at the current price. The firm now holds 2.83 million $ETH, valued at around $13 billion as of this writing.

In addition to its $ETH treasury, BitMine holds 192 Bitcoin (nearly $24 million worth), a $113 million stake in Eightco Holdings, and cash holdings of $456 million. Its $ETH was acquired at an average price of $4,535 per token, or below Ethereum's current price of $4,625. The price of $ETH has jumped by nearly 13% over the last week.

BitMine holds the world's largest Ethereum treasury, ranking well ahead of runner-up SharpLink Gaming, which has amassed approximately $3.85 billion worth of $ETH. Overall, BitMine is the second-largest crypto treasury behind Bitcoin giant Strategy with $80 billion in BTC.

The price of BMNR shares rose Monday morning following the news, currently up more than 5% to a price of $59.78. BitMine’s stock has climbed 37% over the last month, according to data from Yahoo Finance.

In a press release, BitMine Chairman Tom Lee highlighted the company's strategic focus following meetings at Token2049 in Singapore.

“The BitMine team sat down with Ethereum core developers and key ecosystem players and it is clear the community is focused on enabling Wall Street and AI to build the future on Ethereum,” he said. “We remain confident that the two supercycle investing narratives remain AI and crypto.”

Myriad users are broadly optimistic that BitMine will hold 3 million $ETH by October 27, predicting a more than 86% likelihood as of this writing. That mark is up about 2% on the day. (Disclaimer: Myriad is a product of Decrypt’s parent company, DASTAN.)