BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm led by Fundstrat's Thomas Lee, continued to buy ether (ETH) adding 179,251 tokens to its balance sheet through last week, worth roughly $820 million at current prices.
With the latest purchase, the firm's ETH stash surpassed 2.83 million tokens, more than 2% of the second largest cryptocurrency's supply, according to a Monday press release.
Shares are up 4% premarket alongside the weekend gains in crypto prices.
The company said total crypto and cash reserves stand at $13.4 billion, including $456 million in cash, 192 bitcoin (BTC), and a stake in Eightco Holdings (ORBS), a digital asset treasury vehicle focused on Worldcoin (WLD).
BMNR stock was up 4.3% pre-market at just over $59, its strongest level in two weeks.
Since the firm's June pivot, BitMine is part of the digital asset treasury trend where publicly-traded firms raise funds to accumulate cryptocurrencies, following the playbook of Michael Saylor's Strategy, the world's largest corporate bitcoin owner.
BitMine aims to corner 5% of ether's supply and generate yield by staking the tokens. The firm currently ranks as the largest listed ETH treasury firm and only trails the bitcoin-focused Strategy's BTC holdings among all crypto treasury firms.
“We remain confident that the two supercycle investing narratives remain [artificial intelligence] AI and crypto,” chairman Thomas Lee said in a statement. “Since ETH's price is a discount to the future, this bodes well for the token and is the reason BitMine's primary treasury asset is ETH.”
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