Bitmine Surpasses $11 Billion in Crypto Holdings

Bitmine Immersion Technologies (BMNR) has announced its ETH holdings have reached 5.82 million tokens, representing approximately $11 billion at current prices.

The company owns 4.8% of the total ETH coin supply of 120.7 million and is nearing its goal of acquiring 5% in just 14 months.

Bitmine's Chairman, Thomas 'Tom' Lee, stated that the strengthening fundamentals of crypto are reflected in the recent outperformance of ETH over the Nasdaq 100 by 2,500 basis points.

The company has repurchased over 20.8 million shares since July under its $4 billion share repurchase program and continues to view its common shares as undervalued.