BitMine reports $1 billion in Ethereum holdings

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced it holds approximately $1 billion worth of Ethereum and Ethereum equivalents, according to a company statement.

The company closed its initial private placement of $250 million on July 8 and reported that its current Ethereum holdings exceed this amount by over 300%. As of July 17 at 3:45 a.m. ET, BitMine held 300,657 ETH valued at $3,461.89 per token, based on Bloomberg pricing.

"At BitMine, we have surpassed $1 billion in Ethereum holdings, just seven days after closing on the initial $250 million private placement," said Thomas Lee of Fundstrat, Chairman of BitMine's Board of Directors. The company stated it aims to acquire and stake 5% of the overall ETH supply.

BitMine CEO Jonathan Bates described the acquisition as "a clear signal of our conviction in Ethereum's long-term value." The company said it plans to increase ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield.

The company noted that 60,000 ETH, representing approximately $200 million notional value, are held through in-the-money options backed by $200 million of unencumbered cash.

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

You May Also Be Interested In

• M3-Brigade cancels shareholder meeting after terminating ReserveOne deal
• Shake Shack names Christiane Pendarvis to board of directors
• Park Ha Biological prices $2 million registered direct offering