BitMine (BMNR) Up 10% as ETH Holdings Near $5B

BitMine Immersion Technology (BMNR), the bitcoin miner turned ether (ETH) treasury under Fundstrat’s Tom Lee’s leadership, said it added roughly $2 billion of tokens over the past week, bringing total holdings to near $5 billion.

Bitmine’s ETH stash exceeded 1.15 million tokens as of Sunday evening, up from 833,137 the week before.

BMNR shares were up over 10% pre-market at $57, extending Friday’s almost 25% advance.

The firm added that its stock has become one of the most traded in the U.S. market averaging $2.2 billion in daily trading volume last week. That ranks BMNR 25th among U.S.-listed firms, topping bank giant JPMorgan (JPM) and chipmaker Micron Technology (MU).

“We are leading crypto treasury peers by both the velocity of raising crypto NAV [net asset value] per share and by the high trading liquidity of our stock,” Chairman Tom Lee said.

Bitmine pursues a strategy to accumulate ETH and stake tokens for a yield, competing with rivals such as SharpLink Gaming (SBET) and others. The firm ultimately aims to acquire 5% of the total ETH supply, valued at over $25 billion at current market prices.

The buying frenzy by digital asset treasury companies helped ETH rally to new cycle highs, topping $4,300 over the weekend.