BitMine Hits 2% Holdings of Total ETH Supply Target

BitMine Immersion Technologies reported on Monday that it had reached a milestone in terms of Ether holdings – 2% of the entire supply.

According to the announcement, the company now holds a whopping 2,416,054 ETH worth around $10 billion at current market prices. This equates to 2% of the entire supply of Ether, which is 121 million tokens.

BitMine’s longer-term target is 5% of the total supply, which would be around 6 million ETH.

40% Towards Long-term Target

“BitMine ETH holdings now exceed 2% of supply as we move towards our ‘Alchemy of 5%’ of ETH supply,” said Chairman Tom Lee of Fundstrat.

He added that the firm approached 1% of ETH supply holdings in early August when BitMine’s equity was $38, “and as we exceed 2%, BitMine’s share price is now over $61.”

Lee confirmed his belief that 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 treasury companies have scooped up 5.25 million ETH so far this year, and BitMine has 46% of that total, according to SER. BitMine also announced on Monday that it raised $365 million by selling 5.2 million shares at $70 per share to an institutional investor.

The deal includes warrants allowing the investor to buy up to 10.4 million more shares at $87.50 each, exercisable until March 2027. If fully exercised, this could bring in another $913 million for BitMine. Lee emphasized that BitMine is “the only large-cap US stock to give investors direct exposure to Ethereum.”

BitMine stock (BMNR) tanked 10% on Monday as Ether prices pulled back hard. The shares fell to $56 in after-hours trading, but remain up over 1,200% since the company started accumulating ETH in late June.

Bitcoin treasury companies, Strategy and Metaplanet, also acquired more BTC on Monday.

Ether Prices At Support

There have been no further losses in ETH prices over the last day, with the asset trading at $4,200 at the time of writing. However, it is at the lower bounds of its six-week trading channel and clinging to support at current levels.

With the leverage flushout over, crypto assets appear to have stabilized, but the September correction may not be over just yet.

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