BitMine reports crypto holdings exceed $9.2 billion

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced its cryptocurrency and cash holdings exceed $9.21 billion as of September 7. The company holds 2,069,443 Ethereum tokens valued at $4,312 per token according to Bloomberg, along with 192 Bitcoin and $266 million in cash.

The Las Vegas-based company stated its Ethereum holdings represent the largest such treasury globally. BitMine ranks as the second-largest cryptocurrency treasury worldwide, following MicroStrategy (NASDAQ: MSTR), which holds 636,505 Bitcoin valued at $71 billion.

"BitMine has surpassed the 2 million ETH milestone this past week," said Thomas Lee, chairman of BitMine and founder of Fundstrat. The company aims to acquire 5% of all Ethereum tokens in circulation.

BitMine announced a $20 million investment in Eightco Holdings (NASDAQ: OCTO) as part of OCTO's $270 million private investment. Eightco plans to acquire Worldcoin tokens as its primary treasury asset. This investment marks the beginning of BitMine's "Moonshot" strategy, allocating approximately 1% of its balance sheet to investments in the Ethereum ecosystem.

The company reports average daily trading volume of $1.7 billion over five days as of September 5, ranking 30th among US-listed stocks according to Fundstrat data. BitMine operates Bitcoin mining facilities in Trinidad and Texas locations including Pecos and Silverton.

BitMine's institutional investor base includes ARK's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital. The company focuses on cryptocurrency accumulation through mining operations and capital raising transactions.

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