BitMine Technologies, a crypto treasury company led by Tom Lee, shared today that it now owns 2.4 million Ethereum (ETH). This is more than 2% of the total Ethereum supply.
In a press release, the company said its ETH holdings are worth about $10.1 billion at today’s prices, making it the biggest company holder of Ethereum in the world. The company confirmed that it bought its coins at an average price of $4,500 each. This is about 7.25% higher than the current market price of $4,200. Even though the coins are worth less now than when they were bought, BitMine believes this is a smart move for the long run.
According to Strategic ETH Reserve data, no other corporate treasury holds as much ETH. The second biggest corporate holder is SharpLink Gaming, which owns 838,150 coins.
BitMine’s combined assets, including its cash, equity, and crypto combined, now total $11.4 billion. This places the firm as one of the biggest crypto treasuries, along with Strategy, which owns 639,835 coins worth over $74 billion.
Meanwhile, the company started buying ETH aggressively earlier this month, when it purchased 46,255 ETH for $200 million. It added $65 million more shortly after which increased its share of total supply to 1.5%.
To raise more money, BitMine sold 5.22 million shares at $70 each on September 22, which is a 14% premium compared to the September 19 closing price of $61.29. The company also issued 10.4 million warrants that can be used to buy shares later at $87.50 each. From the share sale alone, BitMine raised $365 million. If all warrants are used, it could collect as much as $913 million more.
But, despite this, BitMine stock (NYSE: BMNR) is down 10% in pre-market trading today. At the time of writing, it dropped under $55 as Ethereum also slipped 7.42% on the same day, according to CoinMarketCap.
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