Key Highlights
- Bitmine Immersion has purchased 44,463 ETH, surpassing 4.11 million tokens, representing about 3.41% of the total global supply.
- The company’s combined liquid treasury of digital assets and cash reserves has reached a total valuation of $13.2 billion.
- Bitmine is currently the largest corporate holder of Ethereum and the second-largest global crypto treasury behind Strategy.
Bitmine Immersion Technologies Inc. (BMNR), a Bitcoin mining firm turned Ethereum treasury company, recently added 44,463 ETH, bringing its total holdings to 4.11 million Ethereum (ETH) tokens.
As per the official announcement, this increase lifted the firm’s total crypto and cash holdings to about $13.2 billion, accumulated through a mix of purchases and mining. The company has also staked 1B ETH, showing a long-term conviction in the cryptocurrency.
The company now holds 3.4% of the total supply of ETH. This expansion aligns with Bitmine’s aim of acquiring 5% of the total ETH supply, referred to by the company as the “alchemy of 5%.”
From mining to accumulation
The details of the update were provided in a recent filing with the Securities and Exchange Commission (SEC). The company stated that the 4.11 million ETH tokens make up the core of its digital treasury. These numbers show a change in the company’s strategy, moving from a focus on infrastructure services to becoming an asset holder.
This growth marks a clear shift from the company’s earlier background. Bitmine gained popularity by hosting and mining, but lately it has increasingly focused on accumulating Ethereum.
Recent Bitmine acquisitions
In December, Bitmine accelerated its accumulation strategy through a series of Ethereum acquisitions funded by its ongoing capital raising efforts. On December 18, the company executed a $140 million ETH acquisition, followed by an additional $128 million purchase on December 23.
These back-to-back investments allowed Bitmine to successfully surpass the 4 million ETH mark.
Ethereum price analysis
At the time of writing, Ethereum is currently trading at $2,932.93, showing a 0.02% increase over the last 24 hours. It holds a market capitalization of $353.99 billion.
The 24-hour trading volume has seen a surge of 188.66%, reaching $27.02 billion. Ethereum has a circulating supply of 120.69 million ETH out of a total supply of 120.69 million ETH, with no set maximum supply.
The possession of $13.2 billion in liquid assets places Bitmine in a unique position in the capital markets. With such huge Ethereum holdings, the company’s stock price is likely to become more linked to the performance of the broader market.
Also Read: Ethereum Staking Entry Queue Surpasses Exit Queue
