BitMine Expands Ethereum Holdings to 1.714M ETH

BitMine Immersion Technologies continued an aggressive push into Ethereum last week, adding more than 190,500 ETH to its balance sheet and bringing total holdings to roughly 1.714 million tokens. At prevailing prices, the firm’s crypto position was valued at about 7.9 billion, with an additional 562 million in cash on hand, for combined crypto and cash holdings near 8.8 billion. The company said it raised about 2.2 billion over the week to fund the purchases and has filed to raise up to 20 billion more through equity sales.

The purchases cement BitMine’s place as the largest corporate holder of Ethereum and the second largest publicly traded crypto treasury behind a Bitcoin-focused peer. The firm launched its Ethereum treasury program on June 30 and has repeatedly expanded it since, including a prior single-week addition of more than 373,000 ETH. Management framed the accumulation as a long-term strategic allocation. BitMine Chairman Tom Lee said the recent capital raises mark the second week the company has been able to mobilize institutional funding at this pace and described the firm’s aim as pursuing “the alchemy of 5 of ETH.” He added that BitMine is “leading our crypto...