Bitmine Immersion Technologies, a publicly traded company, has expanded its Ethereum holdings to over $9.2 billion, confirming analysts' hopes for future growth of this cryptocurrency.
Bitmine Expands Ethereum Holdings
Bitmine Immersion Technologies has announced the purchase of 202,469 ETH for $874.59 million from September 1 to 7. This increased the company's total Ethereum holdings to 2,069,443 ETH, approximating about $8.942 billion at an average price of $4,321 per ETH. As a result, this asset has become the largest in the world among companies. Additionally, Bitmine holds 192 BTC and $266 million in cash.
BMNR Stock Price Slips and New Investment
The price of BMNR stock fell 0.3% to $41.57 in pre-market hours on Monday following the announcement of a new investment. Bitmine invested $20 million in Eightco Holdings. In light of this news, the stock fell by 0.36%. Meanwhile, over the last month, the stock rallied by 26% and over 479% year-to-date, according to Yahoo Finance.
Tom Lee and Ethereum Supercycle
Tom Lee, the company chairman, stated that both Wall Street's transition to blockchain and the advancement of artificial intelligence will lead to a supercycle for Ethereum. He asserts that the SEC's Crypto Project and the GENIUS Act will also create opportunities for Ethereum. Lee noted: "At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock."
Bitmine's expansion of its Ethereum holdings demonstrates the company's confidence in the future of this cryptocurrency, while technology and innovations in the market continue to influence investment strategies.
