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BitMine Reports $10.8 Billion Ethereum, Bitcoin, ‘Moonshot’ Crypto Holdings

BitMine Immersion Technologies Inc (AMEX:BMNR) has amassed over 2.15 million ETH tokens worth approximately $10 billion, cementing its position as the world’s largest Ethereum (CRYPOT: ETH) treasury company.

What Happened: The company’s total crypto and cash holdings reached $10.771 billion as of Sep. 14, including 2,151,676 ETH, 192 Bitcoin (CRYPTO: BTC), $214 million in “moonshot” investments and $569 million in unencumbered cash.

This positions BitMine as the second-largest global crypto treasury behind Strategy (NASDAQ:MSTR), which holds $74 billion worth of Bitcoin.

“BitMine has nearly $11 billion in total crypto holdings, surpassing the 2 million ETH milestone,” said Chairman Tom Lee, referencing the company’s pursuit of acquiring 5% of Ethereum’s total supply.

Lee emphasized that “the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”

Read Also: Bitcoin, Ethereum, XRP, Dogecoin Start Monday With Weakness

Why It Matters: The announcement comes as digital asset investment products experienced $3.3 billion in inflows last week, according to CoinShares data, pushing total assets under management to $239 billion near August’s record high.

Ethereum particularly benefited from renewed investor interest, recording $646 million in inflows after eight consecutive days of outflows.

The positive sentiment extended across digital assets, with Bitcoin attracting $2.4 billion in weekly inflows and Solana (CRYPTO: SOL) recording its largest-ever single-day inflow of $145 million on Friday.

This broad-based recovery followed weaker-than-expected U.S. macroeconomic data and end-of-week price gains across digital assets.

What’s Next: BitMine’s strategy centers on Lee’s thesis that Wall Street’s migration to blockchain infrastructure will primarily occur on Ethereum.

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee said.

“Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

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This article BitMine Reports $10.8 Billion Ethereum, Bitcoin, ‘Moonshot’ Crypto Holdings originally appeared on Benzinga.com

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