“The company’s 3.4 million ETH tokens represent just shy of 3% of the total supply.”, — write: www.coindesk.com
BMNR is lower by 5.7% in early Monday trading alongside a sizable late weekend and Monday drop in the crypto prices, with ETH lower by 3.5% over the past 24 hours to $3,715.
The company said it also boosted its unencumbered cash holdings to $389 million, up from $305 million a week ago. The combined value of BitMine’s crypto, cash and equity stakes now totals $13.7 billion, according to the press release, including a $62 million position in Eightco Holdings and a 192 bitcoin in total.
The move brings BitMine’s share of the ETH supply to 2.8%, worth roughly $13.3 billion at current prices as part of a long-term strategy to acquire 5% of the token’s supply.
“We’re now more than halfway to our goal,” said Lee in a statement.
The acquisition happened while many digital asset treasuries saw their share prices plummet over the past few months, struggling to raise cash and pursue their mandate to accumulate cryptocurrencies. Some entities, such as ETHZilla and Brazil’s OranjeBTC, pivoted to buy back shares as their stock price fell below the net asset value of their underlying holdings.
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The firm mostly funded the fresh purchases with sales of common stock.
- Strategy (MSTR) acquired 397 bitcoins at an average price of $114,771 last week, increasing its holdings to 641,205 tokens.
- The company mostly funded the purchase with sales of common stock.
- MSTR is lower by 1.7% in premarket trading alongside a weekend slide in the price of bitcoin to below $108,000.
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