BitMine Immersion reaches 3.5 million ETH tokens in treasury holdings

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) reported total cryptocurrency and cash holdings of $13.2 billion as of November 9, including 3.5 million Ethereum tokens valued at approximately $12.75 billion.

The company acquired 110,288 ETH tokens during the past week, representing a 34% increase compared to the previous week's purchases. BitMine's ETH holdings now represent 2.9% of the total Ethereum token supply.

The company's treasury includes 192 Bitcoin, a $61 million stake in Eightco Holdings (NASDAQ: ORBS), and $398 million in unencumbered cash. BitMine increased its cash position from $389 million the previous week.

"The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week," said Thomas Lee, Chairman of BitMine and founder of Fundstrat. "We are now more than halfway towards our initial pursuit of the 'alchemy of 5%' of ETH."

According to company data, BitMine ranks as the 48th most traded stock in the United States, with average daily trading volume of $1.6 billion over the past five days as of November 7. The stock trades ahead of Arista Networks and behind Lam Research among 5,704 US-listed stocks.

BitMine positions itself as the largest Ethereum treasury globally and the second-largest cryptocurrency treasury behind MicroStrategy, which holds 641,205 Bitcoin valued at $67 billion.

The company operates Bitcoin mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas. BitMine focuses on cryptocurrency accumulation for long-term investment through mining operations and capital raising transactions.

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