BitMine reports $12.9 billion in crypto and cash holdings

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced it holds 3.03 million Ethereum tokens and total crypto and cash holdings of $12.9 billion as of October 12.

The company's holdings include 3,032,188 ETH tokens valued at $4,154 each, 192 Bitcoin, a $135 million stake in Eightco Holdings (NASDAQ: ORBS), and $104 million in unencumbered cash, according to a company statement.

BitMine acquired 202,037 ETH tokens in recent days during a cryptocurrency price decline. The company now owns more than 2.5% of the total ETH token supply.

"We acquired 202,037 ETH tokens over the past few days pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH," 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."

The company reported average daily trading volume of $3.5 billion over five days ending October 10, ranking it 22nd among U.S.-listed stocks by trading volume. BitMine trades behind Coinbase at rank 21 and ahead of UnitedHealth at rank 23 among 5,704 U.S. stocks.

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

The company's institutional investors include ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.

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