BitMine Immersion Technologies Reports $2.1 Billion Ethereum Treasury

Cryptocurrency mining firm BitMine Immersion Technologies (NASDAQ: IMMY) has acquired $2.1 billion worth of Ethereum (ETH) tokens, according to a company statement dated August 1. This positions BitMine as the largest corporate holding treasury for ETH.

Internal records indicate BitMine holds 566,776 ETH tokens, the highest quantity of any known Ethereum treasury. The company acquired these tokens at an average price of $3,643.75 per ETH.

Shares of BitMine stock (IMMY) trading on the NYSE rose 9.3% to $43.20 during after-hours trading.

“We are progressing well towards our aspiration of holding and staking 5% of the overall ETH supply,” stated Tom Lee, Chairman of BitMine’s Board of Directors.

The company recently underwent a strategic shift from Bitcoin mining in late June. On July 8, BitMine completed a $250 million initial private placement, funds specifically earmarked for acquiring Ethereum.

The cryptocurrency industry is seeing an accelerating trend of companies adopting similar treasury acquisition strategies focused on accumulating significant amounts of Ethereum.

Data source: Company Statement, Yahoo Finance (Stock price), CoinGecko (Ethereum Price)