Bitmine Immersion Technologies acquired 42,197 ether (ETH) worth an estimated $74 million last week, lifting its treasury to over 5.7 million ETH, or 4.8% of the token's circulating supply.
The Norwalk, Connecticut-based company disclosed total crypto and cash holdings of $11.1 billion as of June 28, comprising an ether stake valued at $1,800 per ether, 206 bitcoin, $527 million in cash and marketable securities, and equity positions in Beast Industries and Eightco Holdings, according to a statement Monday.
Chairman Tom Lee made an argument tying ether's recent gains against bitcoin to shifting regulatory sentiment, citing prediction-market pricing that put the Clarity Act's passage at about 50% odds, the highest in two weeks.
"We believe regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit," he said.
Ether traded near $1,770 at publication, up 10% in the past month compared to bitcoin’s barely 2% rise in the same time, The Block’s price page shows.
