BitMine Buys $236 Million Of ETH, Calls It ‘Wartime Store Of Value’
BitMine Immersion Technologies (NYSE: $BMNR) has bought another $236 million U.S. of Ethereum (CRYPTO: $ETH) and called the cryptocurrency a “wartime store of value.”
BitMine Chairman Tom Lee made the comments about ETH as he announced that his company bought 101,901 ETH, pushing its total holdings above five million tokens.
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The latest buying spree has lifted BitMine’s ETH treasury to 5,078,386 of the second largest cryptocurrency, representing 4.21% of Ethereum's total circulating supply.
Lee noted that BitMine reached the five million milestone in only 10 months. The company pivoted to a digital asset treasury company from a Bitcoin (CRYPTO: $BTC) miner last June.
The company’s total crypto and cash holdings now stand at $13.3 billion U.S.
In recent weeks, BitMine has dramatically expanded its staking operations to generate yield on its ETH holdings. About 3.7 million tokens, or 73% of its holdings, are now staked.
Lee has said that the staked Ethereum should generate around $264 million U.S. in annualized revenue for BitMine.
BMNR stock has fallen 28% this year to trade at $22.33 U.S. per share.