Key Points:

• BitMine Immersion Technologies (BMNR) has acquired an additional 150,000 ETH recently, bringing its total to 1.87 million tokens.
• Their current ETH holdings are valued at approximately $8.1 billion, combined with $623 million available for further purchases.
• The company has experienced a 35% decline since mid-August as Ethereum has pulled back from its peak prices.

BitMine is focusing on an Ethereum-centric strategy which began in June, targeting to control 5% of the total ether supply and generate revenue through staking the tokens. This strategy positions the firm as the largest publicly traded ETH treasury firm, second only to the Strategy firm which holds $71 billion in Bitcoin.

Thomas Lee, Fundstrat Capital co-founder and CIO, Bitmine chairman

“Led by Thomas Lee, the company aims to control 5% of ether’s supply, positioning itself as the largest listed ETH treasury firm.” Translation: Thomas Lee leads the company’s efforts to dominate a portion of ether’s supply.