BitMine Immersion Technologies Inc. (BMNR) reported holding approximately $500 million in Ethereum as of July 14, according to a company statement. The holdings consist of 163,142 ETH tokens valued at $3,072.67 each based on Bloomberg data.
The company completed a $250 million private placement on July 9 to support its treasury strategy focused on Ethereum accumulation. The current holdings represent more than double the initial proceeds from the private investment in public equity transaction.
"Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network," said Thomas Lee of Fundstrat, who serves as chairman of BitMine’s board of directors.
Jonathan Bates, BitMine’s chief executive officer, stated the company added to its ETH treasury three days after closing the private placement. The company previously outlined performance metrics aimed at increasing ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield.
BitMine operates as a Bitcoin and Ethereum network company with mining operations in Trinidad, Pecos, Texas, and Silverton, Texas. The company focuses on cryptocurrency accumulation for long-term investment through mining operations and capital raising activities.
Lee compared the strategy to MicroStrategy Inc . (NASDAQ: MSTR ), which has accumulated more than 597,000 Bitcoin according to the company’s website. BitMine’s statement indicated the company aims to benefit from holding significant Ethereum positions similar to how Bitcoin treasury companies have operated.
The information is based on a press release from BitMine Immersion Technologies.