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BitMine NAV climbs 39.84 per share
BitMine reports ETH holdings at 1.71 million tokens and total crypto cash of $8.82B as of Aug 24.
BitMine expands its Ethereum and cash holdings to a record level backed by major institutions, signaling a growing crypto treasury trend.
BitMine Immersion Tops ETH Treasuries and Ranks Among Most Liquid US Stocks
BitMine Immersion Technologies announced crypto and cash holdings exceeding $8.82 billion as of August 24. The portfolio includes 1,713,899 ETH valued at about $4,808 per ETH, 192 BTC, and unencumbered cash of $562 million.
The company says the ETH holdings crown it the number one ETH treasury globally and place it second in total crypto treasury behind Strategy Inc. The ETH treasury strategy was launched on June 30 and the company says it added more than 190,500 ETH in a week. The crypto NAV plus cash per share is $39.84, up from $22.84 on July 27, with fully diluted shares outstanding at 221,515,180. The stock trades about $2.8 billion on an average daily basis, ranking around 20th in the US. The press release quotes Tom Lee of Fundstrat noting rapid capital raising and the stock liquidity. The release connects the move to policy shifts like the GENIUS Act and SEC Project Crypto and frames Ethereum as a long term macro asset. BitMine operates in Texas and nearby regions.
The company highlights a strategy to acquire 5% of ETH, supported by a roster of institutional investors including ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
Key Takeaways
"We are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock."
Tom Lee of Fundstrat on BitMine's pace and liquidity
"Ethereum is one of the biggest macro trades over the next 10-15 years."
Lee on ETH as a long term macro asset
"Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system."
Broader trend noted by Lee
"This is the second week that BitMine has raised capital from institutional investors at this pace"
Investor backing pace assertion
The move shows crypto treasuries are maturing. A large ETH stake ties the company’s value to a volatile asset and tests governance, liquidity, and reporting. Backing from prominent investors adds credibility but also raises expectations and scrutiny. Regulators will watch plans to grow ETH holdings and how they are valued. As policy and tech evolve, BitMine sits at a crossroads of finance and technology, testing how far corporate treasuries will push into crypto.
Highlights
- Ethereum is one of the biggest macro trades over the next 10-15 years
- We are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and the high trading liquidity of our stock
- This is the second week that BitMine has raised capital from institutional investors at this pace
- Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system
Regulatory and market risk around large ETH treasury strategy
The growth of a large ETH and cash portfolio raises questions about governance, reporting, and regulatory compliance. It also increases exposure to crypto price swings and policy changes related to crypto assets.
Market dynamics will decide if crypto treasuries become a standard balance sheet asset.
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