BitMine Immersion Technologies (BMNR) has significantly increased its Ethereum (ETH) reserves, acquiring over 190,500 tokens last week. This brings the company’s total ETH holdings to 1,713,899 tokens, valued at approximately $7.9 billion at current market prices.
The firm also revealed it has $562 million in cash reserves, giving it substantial buying power for future acquisitions. At one point on Sunday, BitMine’s combined crypto and cash holdings reached $8.8 billion, supported by a temporary spike in ETH prices to $4,800. However, the overnight crypto market correction brought ETH down below $4,600, reducing the overall valuation.
Strong Fundraising and Market Position
Tom Lee, Chairman of BitMine and Fundstrat co-founder, highlighted the company’s aggressive accumulation strategy supported by high trading volume in BMNR stock. According to Lee, BMNR averaged $2.8 billion in daily trading volume last week, ranking 20th among U.S. stocks, just behind Coinbase (COIN).
This liquidity has enabled BitMine to rapidly raise capital and expand ETH holdings, strengthening its position as one of the largest corporate Ethereum holders globally.
BMNR Stock Performance and Market Impact
BMNR stock fell 2.6% in premarket trading on Monday, following a 12% surge on Friday, as volatility in crypto prices spilled over to related equities. Despite the dip, BitMine’s aggressive ETH buying strategy and large cash buffer suggest continued bullishness on Ethereum adoption.
With $562 million in remaining cash and over 1.7 million ETH in reserves, BitMine is positioning itself as a major institutional force in the Ethereum ecosystem.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.