BitMine, a company operating in the fields of crypto mining and asset management, announced today that its total asset value has increased to $13.2 billion. The company's crypto assets, cash reserves, and investments in the “moonshot” category form the basis of this total value.
Portfolio Breakdown
According to the statement, as of 4:00 PM on December 7, BitMine’s crypto portfolio consists of 3,864,951 units of Ethereum (ETH), 193 units of Bitcoin (BTC), and a $36 million share position in Eightco Holdings (ORBS), which is traded on Nasdaq. The company's cash reserves are reportedly around $1 billion.
Based on the current ETH price, BitMine's Ethereum holdings exceed 3.2% of the total supply. Company management states that they aim to increase this ratio to 5% as a medium-term target.
Aggressive Buying Strategy
Chairman Thomas “Tom” Lee announced that they purchased 138,452 ETH last week. He emphasized that these purchases represent a 156% increase compared to the average weekly rate of 54,156 ETH four weeks prior. This aggressive buying strategy demonstrates BitMine’s long-term confidence in the Ethereum ecosystem while strengthening the company’s claim to be one of the largest institutional accumulators of ETH in the industry.