Bitmine builds up $14.2b in crypto funds as ETH wagers increase

Bitmine Immersion Technologies announced that its total crypto holdings, including cash, strategic assets, and other investments, have reached $14.2 billion. This shows the aggressiveness of the company in its quest to be the dominant Ethereum Treasury.

Bitmine is now available as of January 4, 2019. reported The company’s crypto-and-cash holdings include 4,143,502 Ether, valued at $13.2billion, 192 Bitcoins, $915m in cash, as well as a stake of $25m in Eightco Holdings. The company reported that they added almost 33,000 ETH over the course of one week, despite a general slowing in market activity.

Fundstrat Chairman Tom Lee said Bitmine expected Ethereum to benefit from increasing institutional adoption, tokenization initiatives and an increased demand for electronic authentication in 2026. He added that the rally of last year in precious metals and commodities could support higher cryptocurrency prices.

Bitmine has also ramped up staking activity, with 659,219 ETH—worth about $2.1 billion—currently staked, a sharp increase from the prior week. The company believes that staking fees will exceed $370,000,000 annually at scale. This is supported by the planned Made in America Validator network, or MAVAN.

At its annual meeting on Jan. 15, the company will ask shareholders to vote to increase authorized shares. This move, according to Lee, would allow Bitmine to continue to grow ETH while raising capital, pursuing acquisitions, and managing future share splits.

Bitmine’s growing popularity has led to heavy trading, and the average dollar volume per day was near $1 billion at the beginning of January. This puts Bitmine amongst most active U.S. stock stocks.