An Ethereum treasury firm run by Fundstrat’s Tom Lee accumulated an additional 179,251 ETH in the past week.
BitMine Immersion Technologies, the largest Ethereum treasury firm in the world, now holds a total of 2,830,151 ETH worth more than $13.23 billion at time of writing.
BitMine also holds 192 Bitcoin (BTC), $456 million in unencumbered cash and a $113 million stake in the crypto treasury company Eightco Holdings (ORBS), which represents one of the firm’s “moonshots,” an investment strategy designed to support projects in the Ethereum ecosystem.
Eightco Holdings announced last month that it planned to raise approximately $270 million to fund a treasury strategy focused on Sam Altman’s Worldcoin (WLD), an Ethereum-based crypto asset.
BitMine currently owns more than 2.3% of the total ETH supply, and Lee notes the firm aims to reach “the alchemy of 5%.”
“The BitMine team sat down with Ethereum core developers and key ecosystem players and it is clear the community is focused on enabling Wall Street and AI to build the future on Ethereum. We remain confident that the two Supercycle investing narratives remain AI and crypto. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime. These two powerful macro cycles will play out over decades. Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH.”
BitMine Immersion stock (BMNR) is up 7.4% on Monday at time of writing.
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