BitMine reports $13.7B total holdings with 3.4M ETH tokens

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced its cryptocurrency, cash and other holdings totaled $13.7 billion as of November 2.

The company reported holding 3.4 million Ethereum tokens valued at $3,903 each, representing 2.8% of ETH's total supply. BitMine also holds 192 Bitcoin, $62 million in Eightco Holdings (NASDAQ: ORBS) shares, and $389 million in unencumbered cash.

BitMine acquired 82,353 ETH tokens over the past week and increased its cash position from $305 million to $389 million. The company states it aims to acquire 5% of the total ETH supply.

"We are now more than halfway towards our initial pursuit of the 'alchemy of 5%' of ETH," said Thomas Lee, BitMine's chairman and head of Fundstrat.

The company reports it is the largest ETH treasury globally and the second-largest cryptocurrency treasury behind MicroStrategy, which holds 640,808 Bitcoin valued at $71 billion.

BitMine's stock averaged $1.5 billion in daily trading volume over five days as of October 24, ranking 60th among U.S. listed stocks by trading volume, according to company data citing Fundstrat research.

The company's institutional investors include ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, Digital Currency Group, and Galaxy Digital, according to the press release.

BitMine operates Bitcoin mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas. The company describes itself as focusing on cryptocurrency accumulation for long-term investment through mining operations and capital raising proceeds.

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