BitMine Immersion Technologies (BMNR), which focuses on digital asset management centered around Ethereum and led by Tom Lee of Fundstrat, revealed in an SEC filing that they now hold over 1.5 million ether (ETH) valued at approximately $6.6 billion.
As a result of these new transactions, BMNR has become the second-largest public entity owning cryptocurrency assets, surpassing miner MARA Holdings (MARA), while only behind Strategy (MSTR), which holds $72 billion in bitcoin. Unlike others, BMNR is primarily geared toward maintaining an Ethereum treasury.
BMNR saw a 7% decrease in stock value, settling at $54 on Monday, further impacted by Ethereum’s decline below $4,300, marking a 5% drop within 24 hours. Just a week prior, ETH was near $4,800.
Furthermore, other firms specializing in digital asset treasury also reported declines, with cryptocurrencies linked to Ethereum such as SharpLink Gaming (SBET), and Solana-focused companies DeFi Development (DFDV) and Upexi (UPXI) experiencing drops of 3%, 9%, and 6%, respectively.
What to Know:
- BitMine’s ETH assets exceed 1.5 million ETH, worth over $6 billion.
- Shares fell another 7% as Ethereum continued its swift downturn from a near record peak last week.
- Competing treasury entities also faced declines in their values.
