The company’s $11.5 billion in assets include 196 Bitcoin, $200 million in Beast Industries, $83 million in Eightco Holdings, and $1.2 billion in cash.
- Bitmine’s share surged over 12% at market open on Monday after the company announced it had bought 60,999 Ethereum tokens.
- The jump in BMNR’s stock came amid a rally in Ethereum’s price, which drove gains across crypto majors and outpaced Bitcoin.
- The company holds around 3.8% of circulating Ethereum, aiming to acquire 5% of the total supply.
Tom Lee-backed Bitmine Immersion Technologies (BMNR) jumped at market open on Monday after the company announced it added over 60,000 Ethereum (ETH) to its balance sheet and that its total holdings have crossed $11.5 billion.
Outside Ethereum, the company’s $11.5 billion in assets include 196 Bitcoin (BTC), $200 million in Beast Industries, $83 million in Eightco Holdings (ORBS), and $1.2 billion in cash.
“Bitmine has slightly increased the pace of ETH buys in each of the past two weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter.’ In the past week, we acquired 60,999 ETH compared to an average of 45k to 50k weekly recently.” – Tom Lee, Chairman, Bitmine Immersion Technologies
BMNR’s stock was up more than 12% at market open and among the top trending tokens on Stocktwits. Its total Ethereum holdings now stand at over 4.5 million ETH, of which more than 3 million are currently staked.
On Stocktwits, retail sentiment around BMNR surged to ‘extremely bullish’ from ‘bullish’ territory over the past day, with chatter inching higher within ‘high’ levels.
Ethereum Rallies, Outperforms Bitcoin
The uptick in BMNR’s stock also came amid a rally in Ethereum’s price, which outperformed Bitcoin on Monday morning. The token rose nearly 10% in the last 24 hours to around $2,300. Meanwhile, Bitcoin’s price rose 4% to cross $74,000 in the last 24 hours. On Stocktwits, retail sentiment around the leading altcoin flipped to ‘bullish’ from ‘bearish’ over the past day.
According to Lee, the jump in oil prices to $100 has investors concerned about growth, which means they are more likely to buy stocks like the MAG7, software, and crypto moving forward.
“Since the start of the Iran war, crypto prices have outperformed, and Ethereum has outperformed the S&P 500 by 2,450bp. This is a meaningful outperformance in a mere two weeks,” Lee said.
Bitmine’s $11.5 Billion Market Value
The acquisition of more Ethereum is not the only change that has pushed Bitmin’s market value beyond $11.5 billion. Over the past week, Bitmine increased its investment in Eightco by an additional $80 million to fund its stake in OpenAI and named Tom Lee to the board.
Of the 60,999 ETH Bitmine acquired, 5,000 ETH were provided by the Ethereum Foundation to help fund the entity’s core operations. “Bitmine acquired the ETH to demonstrate our support for the goals and operations of EF and enabled EF to raise capital without having to sell its ETH in the open market,” Lee said.
Bitmine’s goal is to accumulate 5% of Ethereum’s total supply and currently holds about 3.81% of the roughly 120.7 million ETH in circulation.
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