BitMine Immersion Technologies added nearly 70,000 ETH recently, helping to push its total Ethereum holdings to 3% of supply, the company said Monday.
Although the world’s second largest crypto treasury, behind only Bitcoin-focused Strategy, has continued to grow its Ethereum exposure, with a recent decline in prices, the U.S. dollar value of its stockpile has shrank accordingly. BitMine’s holdings of 3,629,701 ETH is worth about $10.2 billion as of Monday.
Two weeks ago BitMine’s token stockpile was worth over $12 billion. Trading at about $2,800 as of Monday morning, Ethereum is down nearly 30% over the past month.
“The continued decline in crypto prices in the past week reflects the impaired liquidity since October 10th, as well as price technicals, which remain weak,” the company said in its statement. “A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum.”
Last week, as BitMine reported it had posted a net income of $328 million for its fiscal year ending Aug. 31, it also said the firm will offer shareholders a dividend in an effort to provide investors with a chance to earn a more traditional return. In July, the firm became one of the first DATs to approve a share buyback plan to supplement its continued purchasing of Ethereum.
BitMine also said on Monday it owns 192 bitcoin, a $38 million stake in Eightco Holdings, and $800 million in unencumbered cash. The company is backed by investors including ARK’s Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera, in addition to individual investors like Bill Miller III and Tom Lee.
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