Quick overview

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Ethereum’s sell-off caused BMNR shares to fall more than 8.12 percent on Monday. According to Yahoo Finance data, the stock closed at $42.86. The year-to-date (YTD) return for BMNR stands at a positive 491.17 percent. CoinGecko data shows that BitMine is the leading Ethereum treasury company, with SharpLink far behind. Ethereum fell below the $3.5K mark amid high selling pressure in the crypto market .

BitMine’s chairman, Tom Lee, strongly supports the company’s strategy to hold five percent of Ether.

“Ethereum fundamentals continue to strengthen at an accelerated pace, with stablecoin supply on ETH rising more than 15 percent in the past 8 weeks and application revenues reaching an all-time high,” he stated.

Lee clarified that “price leads fundamentals, and sometimes fundamentals take over, but price converges higher” in cryptocurrency. He described the recent market meltdown, which wiped out more than $19 billion in crypto markets, as a health reset. Lee added, “[the liquidation event] sets the stage for price and fundamentals to eventually converge.”

BitMine announced that it had acquired 82,353 ETH tokens, bringing its total holdings to 3.4 million ETH, worth over $12 billion. This amount represents about 2.8 percent of all circulating ether. The company valued its total assets at $13.7 billion, comprising moonshots, cash holdings, and cryptocurrencies. It has $389 million in cash and owns 192 bitcoins.

Part of its moonshots portfolio includes a $62 million investment in Eightco Holdings (ORBS). As already noted, BitMine holds 2.8% of the total Ethereum supply. Its goal, known as the “Alchemy of 5 percent,” is halfway achieved. Since launching this plan in March, BitMine has been actively accumulating Ethereum. According to Cryptopolitan, the company bought 27,316 ETH for $113 million from the BitGo exchange. Last month, it purchased a total of 662,169 ETH, making it the leading crypto treasury company.