Bitmine Immersion Acquires 77,055 Ethereum Valued at $319.9 Million

BitMine Immersion Technologies' shares fell over 8% on Monday after the company disclosed acquiring 82,353 ETH valued at $306 million over the past week. This purchase raises its total Ethereum holdings to 3.4 million ETH worth approximately $13.3 billion, representing 2.8% of the asset’s total supply. The firm also reported an increase in unencumbered cash reserves to $389 million, alongside 192 BTC holdings and a $62 million position in Eightco Holdings. CEO Thomas Lee confirmed the company is more than halfway toward its goal of obtaining 5% of ETH’s supply. The acquisition took place amid broader market declines in digital asset treasuries.