BitMine Immersion Technologies Inc. (NYSE:BMNR) on Tuesday dropped 7% despite revealing it now owns 4.203 million Ethereum (CRYPTO: ETH), representing 3.48% of all ETH in existence.
BitMine Now Owns 3.48% Of All Ethereum
BitMine disclosed total crypto and cash holdings of $14.5 billion as of January 19, comprised of 4.203 million ETH at $3,211 per token, 193 Bitcoin (CRYPTO: BTC), $22 million in Eightco Holdings (NASDAQ:ORBS), and $979 million in cash.
The company acquired 35,268 ETH in the past week alone, maintaining aggressive accumulation despite the stock’s 80% collapse from June’s $140 peak.
BitMine now controls 3.48% of Ethereum’s total supply of 120.7 million tokens—nearly 70% of the way to chairman Thomas “Tom” Lee’s stated goal of acquiring 5% of all ETH.
Shareholders Approve Share Increase Despite Stock Collapse
Despite the stock trading near lows, BitMine stockholders voted overwhelmingly to support management’s plans …