BitMine Ethereum Stash Nears $8 Billion After ETH Hits All-Time High

BitMine Immersion Technologies’ Ethereum treasury neared $8 billion after the firm added almost $900 million in ETH to its holdings last week amid a price surge that sent the asset to record highs. 

The firm added more than 190,500 ETH to its balance sheet, bringing its total Ethereum holdings to 1.71 million ETH, just less than 1.5% of the entire token supply. BitMine increased its cash and crypto holdings by $2.2 billion for the week. 

“This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the ‘alchemy of 5%’ of ETH,” BitMine Chairman Tom Lee said in a statement. “At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”

BitMine is part of a small but growing wave of companies that have pivoted their focus to build Ethereum treasuries. It is the second largest publicly traded crypto treasury, trailing only Michael Saylor’s Strategy.

Last week Lee and company boosted the treasury by $1.7 billion when it added more than 373,000 ETH–a move that jumped it above Bitcoin miner and BTC treasury MARA Holdings in terms of dollar value.

Ethereum jumped to an all-time high just shy of $5,000 over the weekend, the second time in three days that it had reached a new record. The second largest crypto by market value retreated early Monday to change hands at $4,615, down 4.3% over the previous 24 hours. 

Its major additions have grown its crypto net asset value (NAV) per share, or the ratio of its crypto holdings compared to shares of stock outstanding, by 75% since the end of July. 

Often treasury companies are tracked by their mNAV–or the market to net-asset-value of the firm, which compares its market cap to the underlying asset holdings. 

The metric, popularized by Saylor, often dictates the actions a treasury firm will take to add more crypto holdings. For example, if a firm’s mNAV trades at a premium or above 1.0, it can issue stock to raise funds. Below 1.0, it may sell the asset to repurchase shares. 

BitMine currently trades around a 1.0 mNAV according to data from StrategicETHReserve.xyz. 

Much like Strategy’s consistent pursuit of Bitcoin, BitMine has no intentions of slowing down its Ethereum purchases, having recently upped a raise by $20 billion to acquire the second largest crypto asset. 

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” said Lee. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

Ethereum jumped to a new all-time high just shy of $5,000 over the weekend before falling 2.9% in the last 24 hours to $4,658. 

Shares of BMNR were up 0.2% and trading at $53.52. They have risen 36% on the month.