Investing.com — BitMine Immersion Technologies Inc (NYSE AMERICAN:BMNR) stock jumped 6.8% on Monday after the company announced it now owns over 2.5% of the Ethereum token supply, acquiring more than 200,000 ETH tokens during recent market volatility.
The cryptocurrency treasury company reported total holdings of $13.4 billion, including 3,032,188 ETH valued at approximately $12.6 billion, 192 Bitcoin, a $135 million stake in Eightco Holdings (NASDAQ:ORBS), and $104 million in unencumbered cash. The company described its Eightco investment as part of its “moonshots” portfolio.
BitMine Chairman Thomas “Tom” Lee noted the company took advantage of recent cryptocurrency price declines to increase its ETH position. “We acquired 202,037 ETH tokens over the past few days pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH,” Lee said. “We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
The company has positioned itself as the world’s largest ETH treasury and the second-largest global crypto treasury behind Strategy Inc (MSTR), which holds 640,031 BTC valued at $73 billion.
BitMine also released its October Chairman’s Message discussing what it calls the “Ethereum Supercycle,” driven by artificial intelligence and Wall Street’s increasing adoption of blockchain technology.
According to data cited by the company, BitMine has become one of the most actively traded stocks in the US market, with an average daily trading volume of $3.5 billion over the past five days, ranking 22nd among all US-listed stocks.
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