Bitmine Immersion Technologies acquired 12,532 ETH over the past week, valued at $31.9 million based on a price of $2,544 per token. This purchase brings the company's total Ethereum holdings to 6,028,946 ETH, which accounts for 4.9% of the total supply of 122.1 million tokens. The firm aims to reach a 5% ownership threshold, a goal it refers to as the Alchemy of 5%.
The company previously purchased $41 million worth of ETH in the preceding week. Chairman Tom Lee stated that the firm requires approximately 100,000 additional ETH to complete its accumulation strategy. Once this target is met, the company plans to cease its Ethereum buying activities. Currently, 5,067,309 ETH are staked, generating an estimated annual revenue of $336 million.
Bitmine reports total holdings in crypto, cash, and investments valued at $16.2 billion. This portfolio includes 214 BTC, $612 million in cash and marketable securities, and equity stakes of $180 million in Beast Industries and $85 million in Eightco Holdings. Chairman Tom Lee noted that the firm's stock performance is 90% correlated with the price of Ethereum.
Regarding other financial instruments, the company highlighted its 9.5% perpetual preferred stock, BMNP. Issued in June at a price of $80 per share, the stock recently closed at $99.53. Lee projected that if the price of Ethereum reaches $22,000, the company's stock value could rise to a range between $300 and $500.
