BitMine reports $8.8 billion crypto and cash holdings

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced crypto and cash holdings of $8.82 billion as of August 24. The company holds 1,713,899 Ethereum tokens valued at $4,808 per token, 192 Bitcoin, and $562 million in cash, according to a press release.

The company's holdings increased by $2.2 billion from $6.6 billion reported the previous week, adding over 190,500 Ethereum tokens. BitMine launched its Ethereum treasury strategy on June 30, closing on July 8.

BitMine states it holds the largest Ethereum treasury globally and ranks as the second-largest crypto treasury behind MicroStrategy, which owns 629,376 Bitcoin valued at $71 billion. The company's stock has averaged $2.8 billion in daily trading volume over five days as of August 24, ranking 20th among US-listed stocks by trading volume.

"In the past week, BitMine increased its crypto and cash holdings by $2.2 billion to $8.8 billion," said Thomas Lee, Chairman of BitMine and founder of Fundstrat. The company pursues acquiring 5% of all Ethereum tokens.

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

Institutional investors supporting BitMine include ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, according to the press release.

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