BitMine’s ETH Holdings Top 1.7M Tokens, With $562M of Buying Power Remaining

BitMine Immersion Technologies (BMNR), the public ether (ETH) treasury company led by Fundstrat’s Tom Lee, continued its buying spree acquiring over 190,500 tokens through last week, the firm reported on Monday.

That brought total ETH holdings 1,713,899 tokens, worth roughly $7.9 billion at current ETH prices. The firm also held $562 million in cash for further acquisitions.

The company said its crypto and cash holdings combined hit $8.8 billion as of late Sunday at a $4,800 ETH price, up from the previous week’s $6.6 billion. However, the overnight crypto market plunge brought the stash’s value down as ETH fell below $4,600 by U.S. morning hours.

BMNR stock was own 2.6% premarket, after rallying 12% on Friday.

The stock’s high trading volume helped the company to raise funds and increase ETH holdings at a fast pace, Lee said in a statement. BMNR booked a $2.8 billion average daily volume last week, ranking 20th among U.S. stocks trailing crypto exchange Coinbase (COIN).

BitMine earlier this month filed to raise $20 billion more through stock sales.