BitMine reaches 3.24 million ETH tokens in $13.4 billion holdings

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) reported total cryptocurrency and cash holdings of $13.4 billion as of October 19, according to a company statement.

The company's holdings include 3,236,014 Ethereum (ETH) tokens valued at $4,022 each, 192 Bitcoin, a $119 million stake in Eightco Holdings (NASDAQ: ORBS), and $219 million in unencumbered cash. BitMine acquired 203,826 ETH tokens during the past week, bringing its total ETH holdings to 2.7% of the token's supply.

"We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ETH," said Thomas Lee, Chairman of BitMine. "We are now more than halfway towards our initial pursuit of the 'alchemy of 5%' of ETH."

The company trades an average daily dollar volume of $2.1 billion based on five-day averages as of October 17, ranking 33rd among US-listed stocks according to Fundstrat data. This places BitMine ahead of Eli Lilly and behind Costco among 5,704 US-listed stocks.

BitMine operates as a Bitcoin and Ethereum network company focused on cryptocurrency accumulation for long-term investment. The company's operations are located in Trinidad, Pecos, Texas, and Silverton, Texas.

The announcement follows what the company described as a market deleveraging event that pressured ETH prices, with open interest levels comparable to June 30 when ETH traded at $2,500.

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