Quick Look
- BitMine’s holdings increased by $2.2 billion in ETH and cash reserves over the past week.
- The company now possesses over 1.7 million ETH, an asset valued at nearly $8 billion.
- BMNR stock has seen a gain of more than 36% this month.
Fueled by a surge that propelled Ethereum to record levels, BitMine Immersion Technologies’ ETH treasury is approaching $8 billion. The firm added almost $900 million worth of ETH to its reserves in the last week.
BitMine increased its Ethereum holdings by over 190,500 ETH, bringing their total to 1.71 million. This represents just under 1.5% of the total Ethereum supply. Overall, BitMine’s cash and crypto assets grew by $2.2 billion during the week.
BitMine Chairman Tom Lee stated, “This marks the second consecutive week BitMine has successfully secured capital from institutional investors at this accelerated pace, as we pursue our goal of controlling ‘alchemy of 5%’ of all ETH.” He added, “BitMine is outpacing its crypto treasury peers both in terms of increasing crypto NAV per share and the robust trading liquidity of its stock.”
BitMine is among a growing number of companies shifting their focus to building significant Ethereum treasuries. It currently holds the position as the second-largest publicly traded crypto treasury, only surpassed by Michael Saylor’s Strategy.
Last week, Lee and his team increased their Ethereum holdings by $1.7 billion, adding over 373,000 ETH. This move propelled them past Bitcoin miner and BTC treasury MARA Holdings in total dollar value.
Ethereum reached a new peak, nearing $5,000 over the weekend, marking the second record high in three days. The second-largest cryptocurrency by market capitalization slightly declined early Monday, trading at $4,615, down 4.3% from the previous day.
These significant additions have resulted in a 75% increase in its crypto net asset value (NAV) per share since the end of July, reflecting the ratio of crypto holdings to outstanding shares.
Treasury companies are often assessed using their mNAV, or market-to-net-asset-value, which compares market capitalization to the underlying asset holdings.
This metric, widely adopted by Saylor, frequently influences a treasury firm’s strategies for acquiring more crypto assets. For example, if a firm’s mNAV trades at a premium (above 1.0), it may issue stock to raise capital. If it trades below 1.0, it may sell assets to repurchase shares.
According to data from StrategicETHReserve.xyz, BitMine is currently trading around an mNAV of 1.0.
Similar to Strategy’s persistent accumulation of Bitcoin, BitMine plans to continue acquiring Ethereum, having recently increased its raise by $20 billion to secure more of the second-largest crypto asset.
“We firmly believe Ethereum presents one of the most significant macro opportunities over the next 10-15 years,” Lee stated. “The integration of Wall Street and AI onto the blockchain should drive a substantial transformation of the existing financial system, with Ethereum playing a central role.”
Ethereum briefly hit a new all-time high just below $5,000 over the weekend before dropping 2.9% in the last 24 hours to $4,658.
BMNR shares experienced a 0.2% increase, trading at $53.52. They have seen a 36% rise throughout the month.
Your Daily Crypto Update
Get the day’s most important crypto news, insightful analyses, podcasts, and videos delivered to your inbox.