Shares of Bitmine Immersion Technologies Inc (AMEX:BMNR) rose 5.4% after the company announced that its Ethereum holdings have surpassed half a billion dollars in value.
As of July 14 at 7:45 a.m. ET, Bitmine reported owning 163,142 ETH, valued at roughly $501 million, based on an ETH price of $3,072.67. The update follows closely on the heels of the company’s $250 million private placement, finalized on July 9, which supports what Bitmine calls its “asset light treasury strategy.”
Thomas “Tom” Lee of Fundstrat, who was recently named Chairman of Bitmine’s Board of Directors, commented, “Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network.”
CEO Jonathan Bates added that the company was able to significantly grow its ETH reserves within just days of closing the capital raise. “We are pleased that we added significantly to our ETH treasury just 3 days after closing our private placement. Clearly Wall Street is getting ’ETH-pilled,’” he said.
Bitmine has previously outlined its intention to grow ETH held per share, using a mix of cash flow reinvestment, capital market activity, and staking yield to support that objective.
Lee drew parallels to MicroStrategy’s Bitcoin-heavy approach, describing Bitmine’s Ethereum accumulation strategy as potentially offering similar investor protections. He remarked that MicroStrategy’s more than 597,000 Bitcoin has created what he called a “sovereign put” and noted that ETH treasuries capturing 5% of total ETH supply could benefit from a comparable “Wall Street put.”
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