Ethereum treasury firm BitMine falls 8% after adding another 82,353 ETH

Ethereum treasury firm BitMine Bitmine Immersion Technologies, Inc. (ticker BMNR) closed down over 8% on the day after the firm announced it added another 82,353 ETH tokens to its stockpile over the past week, according to The Block's data.

As of Sunday, the firm holds nearly 3.4 million ETH, worth over $12 billion, and 192 bitcoins, valued at about $20 million. It also has a $62 million stake in Eightco Holdings (ORBS) and $389 million in unencumbered cash, according to a release on Monday.

BitMine now owns 2.8% of the total ETH supply, over halfway towards its goal of owning 5% of the supply. This makes it the largest publicly traded ETH holder and second-largest digital asset treasury after Michael Saylor’s Strategy.

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The firm is backed by billionaire investors, including Bill Miller III, Cathie Wood, and Peter Thiel, by way of his Founders Fund. Crypto natives like DCG, Galaxy, Kraken, and Pantera are also investors.

BMNR shares are trading hands slightly above $42 at around 21:40 UTC, making it one of Monday’s top 10 biggest losers among public crypto firms amid a wider marketwide pullback, according to The Block’s stock prices page.

According to Monday's release, BitMine's stock is the 60th most traded stock in the U.S., trading $1.5 billion per day over the past five days.