BitMine Adds $43M in ETH Despite Market Slump, Holds Over 5.7M ETH Worth $9B
BitMine Immersion Technologies added nearly $43 million in Ethereum to its treasury last week, increasing its total ETH holdings to over 5.7 million, valued at approximately $9 billion. The purchase occurred despite an 8% decline in ETH prices during the week, reflecting the firm's long-term strategy. BitMine Chairman Tom Lee cited positive developments like Ethlabs and the Bank of England's softened stance on stablecoins as reasons for optimism. In contrast, top Bitcoin treasury firm Strategy did not add BTC last week, instead approving plans to sell up to $1.25 billion in Bitcoin to build cash reserves. BitMine's stock (BMNR) has declined 17% in the past five trading days and 91% from its 52-week high of $161, set last June when the firm adopted its Ethereum treasury strategy. ETH is trading at $1,567, down 22% in the past month and 68% from its all-time high.
Key facts
- BitMine added $43M in ETH, now holds 5.7M+ ETH worth ~$9B.
- BitMine also holds 206 BTC valued at $12.3M.
- Top Bitcoin treasury firm Strategy did not buy BTC last week.
- BitMine stock (BMNR) down 91% from 52-week high of $161.
- ETH price fell 22% in past month, trading at $1,567.