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21m ago

BitMine’s Ether Stash Hits $6.6 Billion After $1.7 Billion Weekly Buy, Now Second-Largest Corporate Crypto Treasury

The Tom Lee-led firm is funding rapid OTC Ether purchases through at-the-market stock sales to target 5% of supply.

BitMine’s $1.7b weekly haul pushes Ethereum holdings past $6.6b
Tom Lee's BitMine reports over $6.6 billion in Ethereum and Bitcoin
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Overview

  • As of Aug. 17, the company reported 1,523,373 ETH and 192 BTC after adding 373,110 ETH in a week, lifting its crypto stash past $6.6 billion.
  • BitMine now ranks second among public corporate crypto holders, trailing Strategy’s bitcoin reserve and surpassing other miners and ETH-focused treasuries.
  • The company said it plans to upsize a stock offering by $20 billion and is using at-the-market share sales to finance further Ether acquisitions.
  • Management has stated a long-term goal to own 5% of Ethereum’s supply, with current holdings reported at more than 1% as ETFs and corporate treasuries control over 8% combined.
  • BMNR shares fell roughly 7% Monday during an ETH pullback, yet the stock remains highly liquid with a recent five-day average dollar volume of $6.4 billion.