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Bitmine Immersion adds 32,447 ETH to push holdings past 5.85 million

The purchase raises Bitmine’s ETH position to 5,847,611 ether, worth about $14.7 billion at current prices, after it already reported $14.9 billion in total crypto, cash and other investments.

Reported · Written up by our desk · Market Structure

Bitmine Immersion bought an additional 32,447 ETH in the week ending August 24, according to The Block, bringing the company’s total ETH holdings to 5,847,611 ether. The outlet said the ETH position is worth about $14.7 billion at current prices.

The Block reported that Bitmine’s total crypto, cash, marketable securities and other investments stood at $14.9 billion as of Monday, and that it owns more than 4.8% of Ethereum’s circulating supply. The latest acquisition was not priced with an average purchase cost in the update, but The Block estimated it at about $81.5 million at current prices.

As of August 23, Bitmine also held 210 BTC, plus equity stakes including an $89 million investment in Eightco Holdings and a $180 million stake in Beast Industries, with total cash and marketable securities of $308 million, The Block said.

The Block also cited Tom Lee, chair of the Ethereum treasury company behind Bitmine, saying ETH’s recent upside move was overdue and pointing to easing financial conditions as a potential tailwind for crypto. Lee attributed the move to strengthening crypto fundamentals and multiple tailwinds including Wall Street tokenization, as well as comments indicating government support for crypto that could improve risk appetite, according to The Block.

Latest closeBitcoin $78,920.97 ▲1.5%|Ethereum $2,481.08 ▲0.7%

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