Tom Lee’s Bitmine Buys 52,203 ETH as $10B Position Faces $9.5B Paper Loss

Tom Lee’s Bitmine buys 52,203 ETH, raising holdings to 5.67M ETH as its $10B position faces a $9.5B paper loss.

Bitmine Immersion Technologies bought another 52,203 ETH last week, worth about $92 million. The purchase raised the company’s total Ethereum holdings to 5,672,956 ETH.

The company valued its ETH position at about $10 billion, based on Ethereum trading at $1,733. However, Bitmine’s average purchase cost remains much higher at around $3,440.

At current prices, the Ethereum position is down more than $9.5 billion on paper. Even so, Bitmine now owns 4.7% of Ethereum’s total supply.

Bitmine said its total crypto, cash, marketable securities, and related holdings reached $10.7 billion. The company remains focused on its goal of acquiring 5% of ETH supply.

Bitmine Expands Ethereum Holdings

In a recent press release, Bitmine Immersion Technologies said its crypto holdings included 5,672,956 ETH as of June 21 at 3:00 p.m. ET. 

The company valued the position using Coinbase’s quoted ETH price of $1,733.

The latest purchase of 52,203 ETH, worth about $92 million, increased Bitmine’s already large Ethereum treasury. 

The company said it now owns 4.7% of Ethereum’s total supply of 120.7 million tokens.

Bitmine has been building toward what it calls the “Alchemy of 5%,” its goal of holding 5% of ETH supply. The company said it is now 94% of the way toward that target after 11 months.

Staked ETH and Treasury Assets Detailed

Bitmine said 4,718,677 ETH are currently staked, representing about $8.2 billion at $1,733 per ETH. 

The staked assets are linked to MAVAN, the company’s Made in America Validator Network.

Alongside Ethereum, Bitmine reported holdings of 205 Bitcoin and $601 million in total cash and marketable securities. The company also listed other investments as part of its wider treasury position.

Its additional holdings include a $180 million stake in Beast Industries and a $104 million stake in Eightco Holdings. 

Bitmine said Eightco gives public market investors indirect exposure to OpenAI.

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Preferred Stock and Investor Support

Bitmine also reported that its Series A Preferred Stock now trades on the NYSE under the symbol BMNP. The company closed the offering on June 10 after selling 3.5 million preferred shares.

The shares were sold at $80 each, with Bitmine receiving about $273.8 million in net proceeds. The preferred stock carries a 9.50% rate, with dividends scheduled weekly under its listed terms.

Bitmine said it remains backed by institutional and individual investors, including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, and Thomas Lee.

 Lee, who chairs Bitmine, said the company remains focused on long-term crypto accumulation.

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