BitMine Immersion Technologies continues to make waves in the market. Led by Tom Lee, co-founder of Fundstrat, the company has further bolstered its stash of ether by amassing over 190,500 ETH in just one week. As a result, its portfolio now exceeds 1.7 million tokens, valued at close to $7.9 billion at the current rate.
Alongside this, BitMine holds a $562 million cash reserve ready to be injected into the market. In other words, the company wields the firepower akin to a sovereign wealth fund… but focused on Ethereum.
Bitmine adds $2.2 billion to its Ethereum strategy
Sunday, prior to the market shakeup, the total value of its assets had reached $8.8 billion with ETH at $4,800. However, the abrupt overnight plunge brought the price back below $4,400, thus reducing the valuation.
This detail underscores a key point: despite holding an immense stock, BitMine is not immune to the crypto market rollercoaster. Nonetheless, the firm displays a resolute strategy: to accumulate massively, regardless of short-term noise.
BMNR stock boosted by speculation
In the stock market, BMNR shares fell by 2.6% on Monday. A correction that contrasts with the 12% rally observed on Friday. Yet, what is particularly striking is the volume: last week, BMNR averaged $2.8 billion in daily trading volume, placing it in the top 20 most traded US stocks, just behind Coinbase.
This frenzy has enabled BitMine to swiftly raise funds, which it immediately recycles into ETH. A remarkably effective liquidity loop that solidifies its position as an institutional mega-whale.
An excessive ambition
BitMine now holds over 1% of the total ETH supply, and the story doesn’t end there: the company has already filed paperwork to raise up to $20 billion via stock sales. If successful, the company could become a player capable of directly influencing Ethereum’s liquidity and dynamics.
The equation is simple: the more BitMine accumulates, the greater its presence weighs on the ecosystem. And if the market turns bullish, this monstrous portfolio could morph into a formidable financial weapon.
