BitMine Immersion Technologies just dropped $135 million on Ethereum in a single week. The company, led by Tom Lee, scooped up 76,881 ETH at an average cost basis of around $3,450 per token, pushing its total holdings to a staggering 5,620,754 ETH.
That’s not a typo. BitMine now controls roughly 4.65% of Ethereum’s entire circulating supply, a position valued somewhere between $10B and $10.4B. The company is 93% of the way toward its stated goal of owning 5% of all ETH in existence.
From Bitcoin miner to Ethereum whale
BitMine, which trades under the ticker BMNR, has undergone one of the more dramatic corporate pivots in recent crypto history. What started as a traditional Bitcoin mining operation has transformed into something closer to a digital asset treasury company, with Ethereum as the centerpiece.
The latest acquisition, completed in the week leading up to June 15, was partially funded through a $274 million Series A preferred stock offering. That preferred equity carries a 9.5% annualized dividend and will trade on the NYSE under the ticker BMNP.
