Bitmine Immersion Technologies Reaches 5.79 Million Ethereum Holdings

Bitmine Immersion Technologies (BMNR) has announced its Ethereum holdings have reached 5.79 million tokens, representing 4.8% of the total ETH coin supply of 120.7 million. The company's crypto and cash holdings now total $11.8 billion.

The company repurchased 6.1 million common stock shares in the past week under its $4 billion share repurchase program. Chairman Thomas 'Tom' Lee stated, 'We view the rising ETH/BTC ratio as a sign that crypto prices are strengthening.' The current ratio is at a three-month high of 0.3000.

Lee also noted that Bitmine has staked more Ethereum than any other entity in the world, with 4,917,189 tokens worth $9.6 billion at $1,948 per ETH. This represents 85% of the company's total ETH holdings.