Bitmine, chaired by market oracle Tom Lee, announced that it purchased more than $800 million worth of Etheruem (ETH) over the past week.
In an official statement, the company reported that it had $8.82 billion in crypto and cash assets as of August 24.
The company stated that it holds 1,713,899 Ethereum, 192 Bitcoin, and $562 million in cash, worth $4,808 per token.
The company’s holdings added more than 190,500 Ethereum, up $2.2 billion from the $6.6 billion reported the previous week.
BitMine’s cryptocurrency holdings rank it the number one Ethereum treasury firm and the second global crypto treasury firm after Strategy (MSTR), which holds 629,376 BTC worth $71 billion.
BitMine President Tom Lee said:
“Last week, BitMine increased its crypto and cash holdings by $2.2 billion to $8.8 billion.
Last week, the company added more than 190,500 tokens, from 1.52 million tokens to 1.71 million tokens.
This is the second straight week that BitMine has been able to raise capital from institutional investors at this pace, as it continues to support its goal of purchasing 5% of the ETH supply.
At BitMine, we lead our crypto treasury competitors with the high trading liquidity of our shares.”
As BitMine continues to purchase ETH to reach its Ethereum target, the company continues to receive support from a group of leading institutional investors, including Cathie Wood of ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
*This is not investment advice.
