Finance, Digital Asset Treasury, Ethereum Treasury, Bitmine, Thomas Lee, Ethereum, News The firm extended its lead as the largest ether treasury, holding over 2.83 million in ETH tokens. 

BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm led by Fundstrat’s Thomas Lee, continued to buy ether (ETH) adding 179,251 tokens to its balance sheet through last week, worth roughly $820 million at current prices.

With the latest purchase, the firm’s ETH stash surpassed 2.83 million tokens, more than 2% of the second largest cryptocurrency’s supply, according to a Monday press release.

Shares are up 4% premarket alongside the weekend gains in crypto prices.

The company said total crypto and cash reserves stand at $13.4 billion, including $456 million in cash, 192 bitcoin (BTC), and a stake in Eightco Holdings (ORBS), a digital asset treasury vehicle focused on Worldcoin (WLD).

BMNR stock was up 4.3% pre-market at just over $59, its strongest level in two weeks.

Since the firm’s June pivot, BitMine is part of the digital asset treasury trend where publicly-traded firms raise funds to accumulate cryptocurrencies, following the playbook of Michael Saylor’s Strategy, the world’s largest corporate bitcoin owner.

BitMine aims to corner 5% of ether’s supply and generate yield by staking the tokens. The firm currently ranks as the largest listed ETH treasury firm and only trails the bitcoin-focused Strategy’s BTC holdings among all crypto treasury firms.

“We remain confident that the two supercycle investing narratives remain [artificial intelligence] AI and crypto,” chairman Thomas Lee said in a statement. “Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH.”

Read more: How Ethereum’s Fusaka Upgrade Could Be a Game-Changer, Asset Manager VanEck Explains

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