BitMine shares climbed over 6% as the market absorbed its latest treasury report, which confirmed the firm now holds 3.5 million ETH, pushing it closer to controlling a historic 3% of the entire supply.
Summary
- BitMine stock rose over 6% after revealing it now holds 3.5 million ETH.
- The firm added $400 million worth of ETH during the recent dip, raising its treasury to $13.2 billion.
On Nov. 10, BitMine Immersion Technologies disclosed it had purchased 110,288 Ethereum (ETH) tokens during the previous week’s market softness. This $400 million acquisition boosted its total stake to 3.5 million tokens, valued at roughly $12.7 billion at current market prices.
Chairman Tom Lee characterized the buying spree as a strategic move to capitalize on lower prices, revealing the firm’s ETH accumulation rate jumped 34% week-over-week. This push increases BitMine’s ownership to 2.9% of Ethereum’s total supply, officially crossing the halfway mark toward its long-stated goal of reaching 5%.
“The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week,” Lee said. “We are now more than halfway towards our initial pursuit of the ‘alchemy of 5% of ETH. Additionally, BitMine increased our cash holdings to $398 million from $389 million.”
BitMine’s stock rally amid ETH buying spree
BitMine’s 6% jump on Nov. 10 extended what has become one of the most notable equity rallies in the digital asset space this year. The company’s stock has gained over 300% since July, even after a sharp pullback from its October peak above $56, according to Yahoo Finance data.
At roughly $42 a share, BitMine remains one of the most liquid blockchain-linked equities, a status that continues to attract institutional capital amid a fragile recovery in the crypto market.
Data from Fundstrat reveals BitMine stock traded an average of $1.6 billion per day over a recent five-day period, a figure that catapults it to the rank of the 48th most traded stock in the U.S. This also places it in the realm of established tech giants, nestled between Lam Research and Arista Networks in terms of daily dollar volume.
Combined with Michael Saylor’s Strategy, whose $67 billion Bitcoin treasury remains the largest in the world, the two companies now account for 88% of all global digital asset treasury trading volume, according to the press release.
Ethereum traded around $3,550 as of press time, having briefly risen to $3,649 earlier in the day before paring gains.