BitMine Immersion reports holdings of 2.4 million ETH tokens

BitMine Immersion Technologies (NYSE American: BMNR) announced its cryptocurrency holdings have reached $11.4 billion, including 2.4 million Ethereum tokens representing over 2% of ETH's total supply.

The company reported holdings of 2,416,054 ETH valued at $4,497 per token as of September 21, along with 192 Bitcoin, $175 million in Eightco Holdings (NASDAQ: ORBS) shares, and $345 million in cash.

According to the company's press release, BitMine has become the 24th most traded stock in the United States with average daily trading volume of $3.5 billion over five days. The stock trades between Opendoor Technologies and Eli Lilly among 5,704 US-listed stocks.

"BitMine ETH holdings now exceed 2% of supply as we move towards our 'Alchemy of 5%' of ETH supply," said Thomas Lee, chairman of BitMine and founder of Fundstrat. Lee noted the company's share price rose from $38 in early August when holdings approached 1% of ETH supply to over $61 currently.

The company describes itself as holding the largest ETH treasury globally and the second-largest cryptocurrency treasury behind MicroStrategy, which holds 638,460 Bitcoin valued at $74 billion.

BitMine operates Bitcoin mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas, focusing on cryptocurrency accumulation for long-term investment. The company's institutional investors include ARK's Cathie Wood, Founders Fund, and Pantera Capital.

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