BitMine Immersion (BMNR) has expanded its Ethereum portfolio to 5.77 million tokens, representing around 4.8% of the total circulating supply of Ethereum, according to a recent announcement.
Of these holdings, approximately five million ETH are currently staked, positioning BitMine as one of the largest corporate holders of Ethereum while earning staking rewards. Furthermore, the company possesses additional assets, including 206 bitcoins, a $180 million investment in Beast Industries, a $69 million position in Eightco Holdings, and roughly $482 million in liquid assets.
Chairman Tom Lee pointed to the growth of layer-2 networks on Ethereum as a key factor driving the company’s investment strategy in ETH. He highlighted the successful launch of Robinhood Chain on July 1, which operates on Arbitrum technology. With trading volumes exceeding $1 billion, Robinhood Chain has quickly become a leading decentralized exchange, showcasing Ethereum's robust utility in the market.
Despite this expansion, BMNR's stock experienced a 3% decline on Monday, mirroring the 2% drop in Ethereum's price, which now stands at approximately $1,769.
