Company disclosures show that Bitmine Immersion Technologies purchased another 9,926 ETH, amounting to approximately $19 million, bringing its total holdings to 5,815,164 ETH. According to the figures cited, this portion of ETH is valued at approximately $11 billion, bringing the company closer to its target of holding 5% of the circulating ETH supply.
Holding represents approximately 4.8% of the circulating supply.
Bitmine stated on Monday that its treasury currently holds approximately $11.4 billion in cryptocurrency assets, cash, and other assets, with Ethereum serving as the core asset. Based on the current circulating supply of approximately 120.7 million ETH, Bitmine’s holdings represent about 4.8%.
Chairman Tom Lee stated that the company has completed approximately 96% of its "5% target." Bitmine has continued to accumulate ETH since initiating its treasury purchase strategy 14 months ago.
Over 5.06 million ETH have been staked
In addition to its spot holdings, Bitmine has staked 5,067,309 ETH through its MAVAN validator network, equivalent to approximately $9.6 billion. This data indicates that the company is not only expanding its treasury positions but also participating in Ethereum network validation.
In addition to ETH, Bitmine holds 210 bitcoins, valued at approximately $13.4 million; approximately $78 million in cash and securities; and equity investments in Beast Industries and Eightco Holdings.
Continued buying over the past several months
Since launching the strategy last summer, Bitmine has purchased ETH almost weekly. In April this year, the company made two large purchases, each totaling approximately $235 million, including 10,000 ETH directly acquired from the Ethereum Foundation, pushing its total holdings past 5 million ETH.
Subsequently, the company continued to increase its ETH holdings by approximately $214 million during the market downturn in June, followed by an additional $49 million in July. By early August, its stake still accounted for approximately 4.8% of the circulating supply.
Tom Lee on ETH Analysis
The company's disclosure, citing Tom Lee's views, states that the ETH-to-Bitcoin price ratio has broken above its long-term downward trend over the past several years. He believes the market is beginning to place greater emphasis on the positive impact of tokenization and agent-based AI applications on Ethereum, and that a continued accommodative financial environment could also provide support for crypto assets.
Additional information: The original text noted that ETH rose approximately 1.4% on the day, with its price returning above $1,900.