BitMine reports $13.4 billion in crypto and cash holdings

BitMine Immersion Technologies (NYSE American: BMNR) announced its combined cryptocurrency and cash holdings total $13.4 billion as of October 5. The company holds 2.83 million Ethereum tokens valued at approximately $12.8 billion, along with $456 million in cash and other digital assets.

The Las Vegas-based company's Ethereum holdings represent more than 2% of the total ETH token supply. BitMine also holds 192 Bitcoin tokens and maintains a $113 million stake in Eightco Holdings (NASDAQ: ORBS).

According to the company, BitMine ranks as the largest Ethereum treasury globally and the second-largest cryptocurrency treasury after MicroStrategy, which holds 640,031 Bitcoin valued at $79 billion.

BitMine stock has averaged $2.5 billion in daily trading volume over five days as of October 3, ranking 28th among U.S.-listed stocks by trading volume, according to company data citing Fundstrat research.

"We remain confident that the two Supercycle investing narratives remain AI and crypto," said Thomas Lee, BitMine's chairman and head of Fundstrat. "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."

The company operates Bitcoin mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas. BitMine focuses on accumulating cryptocurrency for long-term investment through mining operations and capital raising activities.

BitMine's institutional investors include ARK Invest, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, according to the company statement.

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