BitMine Immersion Technologies (BMNR), a company with a digital asset treasury strategy led by Fundstrat's Tom Lee, has announced its Ethereum holdings have surpassed 1.5 million ETH, valued at approximately $6.6 billion.

This significant accumulation positions BMNR as the second-largest public corporate crypto owner, focusing on Ether while other major players like MicroStrategy hold Bitcoin.

Key Takeaways

• BitMine Immersion Technologies now holds over 1.5 million ETH, valued at $6.6 billion.
• BMNR's stock experienced a 7% decline, mirroring a broader pullback in Ether's price.
• The company is now the second-largest public corporate crypto owner, trailing only MicroStrategy.

BitMine's Growing Ether Treasury

In a recent SEC filing, BitMine Immersion Technologies revealed its substantial Ethereum holdings, exceeding 1.5 million ETH.

This strategic move into Ether makes BMNR a significant player in the digital asset treasury space, distinguishing itself by focusing on ETH rather than Bitcoin, which is held by other prominent corporate owners like MicroStrategy.

With this latest accumulation, BitMine Immersion Technologies has surpassed other corporate miners like MARA Holdings in terms of crypto asset value.

Market Reaction and Broader Trends

The announcement coincided with a downturn in the cryptocurrency market. BMNR's stock fell by 7% on Monday, trading at $54.

This decline occurred as Ether (ETH) dropped below $4,300, marking a 5% decrease over the preceding 24 hours.

Ether had recently approached a record high, nearing $4,800 just a week prior.

The broader market sentiment also affected other digital asset treasury companies, with ETH-focused SharpLink Gaming (SBET) down 3%, and Solana-centric firms DeFi Development (DFDV) and Upexi (UPXI) experiencing drops of 9% and 6%, respectively.

This suggests a correlation between the performance of major cryptocurrencies and the stock prices of companies heavily invested in them.

Sources:

• Tom Lee's BitMine reports holding over $6.6 billion in Ethereum and Bitcoin
• BitMine Immersion Technologies (BMNR) Stock: Drops 7% as Ethereum Holdings Hit $6.6 Billion
• BitMine Immersion's Ether Holdings Top $6.6B, Stock Slides 7% Alongside ETH's Tumble
• BitMine Immersion's Ether Holdings Top $6.6B, Stock Slides 7% Alongside ETH's Tumble

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