Bitmine Immersion Technologies disclosed that its total assets, including cryptocurrency reserves and cash, are presently valued at around $13.2 billion. The company’s Ethereum (ETH) holdings have reached 4.07 million, complemented by 193 BTC.

Active ETH Purchasing Strategy

According to an official statement, Bitmine has also reported adding 98,852 ETH in just one week, with these holdings making up about 3.37% of Ethereum’s entire circulating supply of 120.7 million tokens. The firm highlighted its ongoing strategy of accumulating Ethereum, amidst market fluctuations.

Thomas Lee, Chairman of Bitmine, stated:

“This is a tremendous milestone achieved after just 5.5 months. We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings. We are a key entity bridging Wall Street’s move onto the blockchain via tokenization. And we have been heavily engaged with the key entities driving cutting-edge development in the DeFi community.”

Recently gathered data from CoinGecko indicates that Bitmine is now the world’s largest Ethereum treasury and ranks second in global crypto holdings behind Michael Saylor’s firm, which possesses 671,268 BTC, an approximate value of $59 billion.

Bitmine’s stock has also seen heightened trading activity, averaging a daily trading volume of $1.7 billion over a recent five-day period, positioning it 66th among 5,704 US-listed companies.

Ethereum’s Market Dynamics

Despite a recent downturn in the cryptocurrency market, Bitmine has remained committed to its accumulation tactics. Ethereum’s price briefly recovered above $3,000 but faced downward pressure again, indicating an ongoing challenge in maintaining momentum. Analysts suggest potential resistance levels at $3,150-3,200, with any rejection possibly pushing Ethereum down to the $2,750-2,800 range. Similarly, keeping above $3,000 may propel ETH towards $3,300. Alternatively, losing this threshold could lead to revisiting lower support levels.