BitMine Immersion Technologies is a cryptocurrency treasury company focused on Bitcoin and Ethereum, which stated that after accumulating 2.4 million ETH, it controls over 2% of the total supply of Ethereum.
The company disclosed on Monday that its Ethereum (ETH) holdings are valued at approximately $10.1 billion, making it the largest corporate ETH treasury in the world. The company also announced a new financing plan aimed at further increasing its reserves.
BitMine reported that its average purchase price for ETH is close to $4,500, which is about 7.25% higher than the current market price of $4,200.
According to Strategic ETH Reserve data, BitMine is currently the top corporate Ethereum treasury globally. The ETH treasury SharpLink Gaming, led by Ethereum co-founder, ranks second, holding 838,150 ETH on its balance sheet.
BitMine's total assets (including equity, cash, and cryptocurrency holdings) currently reach $11.4 billion. This portfolio places BitMine among the top cryptocurrency treasury companies, with Strategy leading, holding 639,835 Bitcoins worth over $74 billion as of Monday.
On Monday, BitMine announced it sold approximately 5.22 million shares at a price of $70 per share, a 14% premium over the closing price of $61.29 on September 19, while also issuing 10.4 million warrants with an exercise price of $87.50. The transaction immediately raised about $365 million, with the potential to raise an additional $913 million if all warrants are exercised.
BitMine Chairman Thomas Lee views the premium pricing as a reflection of institutional confidence and noted that these funds will be used to expand the company's Ethereum reserves.
"Wall Street's entry into the fusion of blockchain and AI/agent AI creating a token economy is creating a super cycle for Ethereum," Lee stated on Monday.
This financing follows a $200 million ETH purchase in early September, when BitMine added 46,255 ETH to its balance sheet, having previously disclosed another $65 million purchase on September 2, holding 1.5% of the total Ethereum supply.
BitMine is clearly attracting attention, as Cathie Wood's ARK Invest acquired 101,950 shares of the company in early September.
Recent reports also indicate that publicly listed companies are raising hundreds of millions of dollars for cryptocurrency strategies, further confirming the notion that such proposals can attract investor interest.
Related: SEC Approves General Listing Standards for ETFs, Could Ignite a Wave of Product Launches?
Original: “BitMine Announces $365 Million New Financing, Holding Over 2% of Ethereum (ETH) Supply”
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