BitMine Immersion Technologies said its crypto and cash holdings climbed to $11.3 billion, driven by a 5,770,038-ETH position valued at about $10.5 billion at a stated $1,820 per token.
The company said it now holds 4.8% of the 120.7 million ETH supply, up to 96% of its stated 5% target. In the latest update, BitMine said it added 27,801 ETH over the prior week.
BitMine’s ETH stash was paired with 206 bitcoin, a $180 million stake in Beast Industries, a $69 million stake in Eightco Holdings, and $482 million in cash and marketable securities. That compares with total crypto plus cash and “moonshots” holdings of $11.3 billion.
The company said 4,917,189 ETH is staked, equal to about $9.0 billion at the same token price. It said that amount represents 85% of its total ETH holdings. BitMine also said its staking operations generated a 7-day yield of 2.70%, and it is projecting annualized staking revenues of $242 million, with a separate projected staking reward figure of $284 million when fully staked.
BitMine said it was added to the Russell 1000 large-cap index on June 26. It also said its Series A preferred stock began trading on the NYSE under the symbol BMNP after the company closed a preferred offering on June 10, raising net proceeds of about $273.8 million from the sale of 3.5 million shares at $80 each.
The company described itself as the largest ETH treasury in the world and the #2 global treasury overall, behind Strategy Inc., which it said holds 843,775 bitcoin valued at about $54 billion. As a result of these announcements, the company's shares have moved -4.0% on the market, and are now trading at a price of $14.38. Check out the company's full 8-K submission here.
