BitMine reports $10.8 billion in crypto and cash holdings

BitMine Immersion Technologies (NYSE American: BMNR) announced total crypto and cash holdings of $10.771 billion as of September 14 at 6:00 p.m. ET, according to a company press release.

The holdings include 2,151,676 Ethereum (ETH) tokens valued at $4,632 per ETH based on Bloomberg pricing, 192 Bitcoin, a $214 million stake in Eightco (NASDAQ: ORBS), and $569 million in unencumbered cash.

The company stated it holds the largest ETH treasury globally and ranks as the second-largest global crypto treasury behind MicroStrategy (NASDAQ: MSTR), which owns 638,460 Bitcoin valued at $74 billion.

BitMine's stock has averaged $2.0 billion in daily trading volume over five days as of September 12, ranking 28th among U.S.-listed stocks according to Fundstrat data cited in the release.

"BitMine has nearly $11 billion in total crypto holdings, surpassing the 2 million ETH milestone," said Thomas Lee of Fundstrat, who serves as BitMine's chairman. Lee attributed the company's strategy to what he described as a "supercycle for ethereum" driven by Wall Street adoption of blockchain technology and artificial intelligence creating a token economy.

The company's institutional investors include ARK's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital, according to the announcement. BitMine stated its goal of acquiring 5% of all ETH tokens.

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

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