BitMine Nears 5% Ethereum Target, Treasury Value Skyrockets

BitMine Immersion Technologies has increased its Ethereum holdings by a significant 32,447 ETH, bringing its total to 5.85 million ETH.

This represents approximately 4.8% of Ethereum's circulating supply and is close to the company's target of holding around 5% of the total supply.

The boost in Ethereum holdings has lifted the value of BitMine's treasury to about $14.3 billion, contributing to a total asset value of $14.9 billion including its Bitcoin, cash, and other investments.

The company's stock price has risen to $24.68, erasing the previous discount to its asset value and trading nearly at the value of its holdings.