BitMine Immersion announced the acquisition of more than 200,000 ETH, raising its total holdings of the cryptocurrency to more than 3 million ETH.

The firm said its crypto and cash holdings are worth nearly $13 billion. BitMine holds a mix of ETH and BTC, in addition to its bitcoin mining business lines and shares in Eightco Holdings, a Worldcoin treasury company.

BitMine is the largest treasury company of its kind, with its holdings far exceeding those of other firms, per Blockworks Research data.

The firm, according to chairman Tom Lee, has maintained a goal of acquiring 5% of the total supply of ETH, which per Coingecko currently stands at more than 120 million tokens.

In this morning’s press statement, Lee cited last week’s market tumult and wave of liquidations in leveraged trading markets as key instigators for Bitmine’s latest purchases.

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” Lee said in a statement, later adding: “We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”

BitMine is one of a growing body of digital asset treasuries (DATs) that trade on public markets.

BitMine’s stock, under the ticker BMNR, is trading at $54.86, up roughly 4.3% since the market’s open.

This is a developing story.

This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.

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