Key Notes
- The purchase from Bitmine Technologies coincided with a 6.28% drop in ETH price below $4,200.
- BitMine announced a $365 million stock offering with potential proceeds up to $1.28 billion.
- BMNR stock fell 5% in pre-market trading, dropping under $60.
Tom Lee’s Bitmine Technologies (NYSE: BMNR) revealed that its strategic Ethereum
ETH
$4 157
24h volatility:
7.2%
Market cap:
$502.93 B
Vol. 24h:
$49.68 B
reserves have surpassed 2.4 million, equal to 2% of ETH’s total supply.
The news comes as ETH fell 6.28% on September 22, slipping below $4,200, while BMNR stock dropped 5% in pre-market trading.
Bitmine Technologies Total ETH Holdings Cross $11 Billion
BitMine Technologies announced the acquisition of an additional 264,378 ETH, bringing its total Ethereum holdings to 2,416,000 coins, over 2% of the total Ethereum network supply.
The company’s combined crypto and cash reserves now stand at $11.4 billion. This continued institutional accumulation amid growing interest in Ethereum and the broader cryptocurrency market.
Over the past three months, Tom Lee’s BitMine has been on an aggressive ETH buying spree and has emerged as the largest ETH corporate holder.
The company has steadily raised funds while accumulating ETH throughout the rally. Tom Lee emphasized Ethereum’s long-term potential, highlighting its role in driving blockchain adoption, financial transformation, and AI integration.
The ETH price came under significant selling pressure on September 22, leading crypto market liquidations in the last 24 hours. ETH is already down more than 15% from its all-time high, reflecting broader market weakness.
BMNR Stock Enters Selling Pressure Amid $365 Million Offering
On September 22, BitMine announced a securities purchase agreement to sell 5.2 million shares of common stock at $70 per share, representing a 14% premium over Friday’s closing price.
The company also issued warrants to purchase up to 10.4 million additional shares at $87.50 each.
The offering is expected to raise approximately $365 million from the stock sale alone, with potential total proceeds reaching $1.28 billion if all warrants are exercised.
Amid all this development, the BMNR stock has tanked 5% in the pre-market trading session, dropping under $60 once again. Tom Lee said:
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/bitmine-holds-2-4m-eth-11b-crypto-cash/
![[Ask the Tax Whiz] What you need to know about BIR’s new Single-Instance Audit Framework](https://www.rappler.com/tachyon/2024/04/bir-income-tax-filing-april-15-2024-008-scaled.jpg?resize=75%2C75&crop_strategy=attention)
