BitMine’s ETH Hoard: $8.8B and Counting (But Will It Last?)

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What to know:

  • BitMine Immersion Technologies gobbled up 190,500 ETH last week, swelling its total holdings to 1.7 million tokens-because nothing says “financial prudence” like hoarding digital confetti. 🐾
  • The company’s combined crypto and cash holdings briefly flirted with $8.8 billion, until the market decided to play hard to get. 💸
  • BMNR stock’s high trading volume is aiding the firm’s fundraising efforts, according to Tom Lee, who probably also believes in the power of positive thinking and the occasional leap of faith. 🕊️

BitMine Immersion Technologies (BMNR), the public ether (ETH) treasury company led by Fundstrat’s Tom Lee, continued its buying spree, acquiring 190,500 tokens last week with the enthusiasm of a child in a candy store. 🍬

This brought total ETH holdings to 1,713,899 tokens, worth roughly $7.9 billion at current ETH prices. The firm also held $562 million in cash for further acquisitions-because why not? 🤷‍♂️

The company said its crypto and cash holdings combined hit $8.8 billion as of late Sunday at a $4,800 ETH price, up from the previous week’s $6.6 billion. However, the overnight crypto market plunge brought the stash’s value down as ETH fell below $4,600 by U.S. morning hours. 📉

BMNR stock was up 2.6% premarket, after rallying 12% on Friday. A rollercoaster ride for the uninitiated! 🎢

The stock’s high trading volume helped the company raise funds and increase ETH holdings at a fast pace, Lee said in a statement. BMNR booked a $2.8 billion average daily volume last week, ranking 20th among U.S. stocks trailing crypto exchange Coinbase (COIN). 🏦

BitMine earlier this month filed to raise $20 billion more through stock sales. Because nothing says “modesty” like a $20 billion ask. 💰

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2025-08-25 16:51