(NYSE AMERICAN: BMNR) BitMine Immersion Technologies (“BitMine” or the “Company”) today announced holdings of ETH exceeding $2 billion. The Company closed on its initial private placement of $250 million on July 8th in furtherance of its asset light treasury strategy. As of July 23rd at 11:59pm ET, the company’s ETH holdings total 566,776 at $3,643.752 per ETH (Bloomberg).
“At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement,” said Thomas “Tom” Lee of Fundstrat, Chairman of BitMine’s Board of Directors. “We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
The Company previously stated its performance metric goal of increasing ETH held per share through a combination of reinvestment of the Company’s cash flows, capital markets activities (including using volatility to lower cost of capital), and staking yield and the value of ETH is impacted by the change in value of ETH.
“We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.” said Jonathan Bates, CEO of BitMine.
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