According to the announcement released on Monday, Bitmine Immersion Technologies (U.S. stock ticker: BMNR) bought 71,179 ether tokens last week, worth approximately $147.6 million. After the latest round of additional purchases, the number of ether tokens held by Bitmine reached 4.73 million, with a total value of approximately $9.8 billion.
Taking stock of Bitmine’s asset layout as of March 29, in addition to having a large holding of ether, the company also holds 197 bitcoins (worth approximately $13.4 million), as well as shares in Eightco, a company that holds WLD (Worldcoin) reserves, valued at $102 million; it also has $961 million in cash on hand.
According to statistics, the ether tokens Bitmine currently holds are equivalent to nearly 4% of the total circulating supply across the entire network (approximately 120.7 million tokens). If cash and other assets are added, the company’s total asset size reaches $10.7 billion.
In a statement, Bitmine Chairman Tom Lee said: “As the Iran war enters its fifth week, the performance of ether and the overall cryptocurrency market has clearly surpassed traditional benchmarks; among them, ether’s performance has outpaced the stock market by as much as 1,160 basis points (i.e., 11.6%). This stands in stark contrast to gold, which is seen as a traditional safe-haven asset—gold’s performance has lagged the benchmark by more than 750 basis points.”
Cryptocurrencies are demonstrating strong resilience as a high-quality ‘wartime value storage tool.’
Tom Lee further analyzed that the increasing negative correlation between cryptocurrencies (and stocks) and crude oil prices has reached the highest level in the past year. He said:
This makes sense. Before investors feel confident about the future trend of oil prices in the stock market, rising oil prices are a negative factor for both stocks and cryptocurrencies. In a sense, when the risk of oil prices rising reaches its peak, the crypto winter should be over.
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