BitMine's Ethereum Hoard: $6.6B & Surging Stock Liquidity
BitMine's Ethereum Treasury Tops $6.6 Billion
BitMine Immersion's Ethereum treasury has surpassed $6.6 billion, overtaking Marathon Digital (MARA) in total crypto reserves. The company's stock (BMNR) ranks among the most actively traded in the U.S., despite a recent dip in price.
Key Takeaways
- BitMine reports holdings of over 1.52 million Ethereum, valued at $4,326 per token, alongside 192 Bitcoin (BTC).
- The company's ETH holdings jumped significantly from $4.9 billion the previous week.
- BitMine's strategy of accumulating Ethereum has attracted institutional investors, including Cathie Wood's ARK Invest.
Tom Lee's Bullish Stance on Ethereum
Tom Lee, chairman of BitMine and co-founder of Fundstrat, believes Ethereum is a top investment for the next decade. He cites institutional demand and the integration of Wall Street and AI onto the blockchain as key drivers.
Lee's comments suggest that Ethereum's role in finance will expand as blockchain technology merges with traditional markets. BitMine aims to lead in trading liquidity and institutional credibility.
BMNR Stock Performance
Fundstrat reports that BitMine's stock averages $6.4 billion in daily trading volume, making it the 10th most liquid U.S. stock, surpassing giants like JPMorgan and Alphabet.
While BMNR experienced a one-day loss of 4.37%, it has delivered substantial long-term gains, with a 775% increase over the past six months and over 600% year-to-date. This performance ranks it among the top-performing U.S. equities this year.