Bitmain Emerging Technologies (NYSE AMERICAN: BMNR) reported holding cryptocurrency and cash reserves worth $8.82 billion as of August 24. According to the press release, the company holds 1,713,899 Ethereum tokens valued at $4,808 per token, and 192 Bitcoins, along with $562 million in cash.
The company's reserves increased by $2.2 billion from the $6.6 billion reported the previous week, adding over 190,500 Ethereum tokens. Bitmain launched its Ethereum reserve strategy on June 30 and closed it on July 8.
Bitmain confirms that it holds the largest Ethereum reserve globally and ranks second as the largest cryptocurrency treasury after MicroStrategy, which holds 629,376 Bitcoins valued at $71 billion. The average daily trading volume of the company's shares was $2.8 billion over five days until August 24, ranking twentieth among listed stocks in the United States by trading volume.
"Last week, Bitmain increased its cryptocurrency and cash reserves by $2.2 billion to reach $8.8 billion," said Thomas Lee, Chairman of Bitmain and founder of Fundstrat. The company aims to acquire 5% of all Ethereum tokens.
Bitmain operates mining facilities for Bitcoin in Trinidad, and Pecos, Texas, and Silverton, Texas. The company describes itself as focusing on the long-term accumulation of cryptocurrencies through mining operations and capital-raising transactions.
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