Key facts
- Bitmine Immersion Technologies purchased over 27,000 Ether last week.
- The company's total Ether holdings now stand at just over 5.7 million tokens.
- Bitmine's average purchase price for its Ether holdings is $1,569 per token.
- The firm now holds 4.7% of Ether's total supply.
- Bitmine has been added to the Russell 1000 Index.
Ether treasury company Bitmine Immersion Technologies has significantly increased its Ether holdings, acquiring over 27,000 Ether in the past week through a $43 million purchase. This brings the firm's total Ether holdings to just over 5.7 million tokens, bought at an average price of $1,569 per token. This latest acquisition moves Bitmine closer to its objective of owning 5% of Ether's total supply, currently standing at 120.7 million tokens, with Bitmine holding 4.7%.
Simultaneously, Bitmine has been added to the Russell 1000 Index, a benchmark for the largest 1,000 U.S. companies. This inclusion is anticipated to drive further institutional investor demand for Bitmine shares, as many index-tracking funds are required to purchase the stock. Bitmine chairman Tom Lee noted that this addition could bring hundreds or thousands of new institutional investors.
Despite these developments, the past week presented challenges for crypto investors, with Ether's price falling by 8%. Lee attributed this to potential 'window dressing' as investors reduce holdings in assets that have declined over the preceding three months. Bitmine's stock also experienced a 9% slide over the week, though it saw a 1.7% gain on Monday to close at $13.80.
In related news, other crypto-focused firms, including Sharplink, Forward Industries, crypto exchange Gemini, and crypto services firm Galaxy Digital, were also added to the broader Russell 3000 Index, which tracks the largest 3,000 U.S. companies.