ETH Treasury firm Bitmine Converts $20M to $600M In A Day As This Stock Jumps 3000%
Highlights
- Bitmine's investment into Eightco (OCTO) paid of well after the stock shot 3000% following Woldcoin treasury plan.
- Despite ETH’s pullback to $4,300, Bitmine purchased an additional 202,469 ETH worth $881 million last week.
- BMNR stock surged 4% on Monday, with Cathie Wood's Ark Invest acquiring 101,950 shares.
Tom Lee’s ETH Treasury firm Bitmine Technologies (NYSE: BMNR) has recently converted its $20 million investment into Eightco Holdings, to $628 million within a day. This happened as shares of Nasdaq-listed Eightco (NASDAQ: OCTO) surged by a massive 3000% in a single day on Monday, September. The OCTO stock surged all the way to $78 yesterday, while closing the trading sessions at $45.08.
Bitmine Purchased 13.7 Million OCTO Shares
Bitmine Technologies, the largest corporate holder of Ethereum, saw its investment in Eightco Holdings (OCTO) surge after acquiring 13.7 million shares at $1.46 per share. Following Monday’s surge, the position is up 3,000%, with the stake’s paper value rising from $20 million to roughly $628 million, assuming shares hold near current levels. This stock rally came as Eightco Holdings announced its Worldcoin Treasury plan a day before.
As of Monday’s closing, OCTO stock is trading at nearly 30 times net asset value (NAV), underscoring the scale of the rally. Market observers note that strategist Tom Lee is backing companies building on Ethereum (ETH), with the goal of strengthening the network’s ecosystem.
Bitmine itself aims to own 5% of ETH, positioning its investments as part of a broader strategy to become a full-scale Ethereum ecosystem play. Company CEO Tom Lee confirmed the development, noting:
“BMNR purchased 13.7mm shares of $OCTO for $1.46 per share, or $20 million in total, as part of BitMine’s ‘moonshot’ strategy. This directly benefits BitMine shareholders as this investment is currently worth $1.1 billion to $BMNR shareholders”.
Adding More Ethereum to Treasury
Despite the ETH price pullback to $4,300, Tom Lee’s Bitmine has continued to add more ETH to its Treasury. Over the past week, the ETH treasury firm purchased a massive 202,469 ETH worth $881 million. Following the acquisition, the company’s total ETH holdings have climbed to 2,069,443 ETH, valued at approximately $9 billion.
Such large-scale accumulation underscores growing institutional confidence in Ethereum’s long-term value. Speaking on the development, Tom Lee stated:
“BitMine has surpassed the 2 million ETH milestone this past week. “At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”
On Monday, the BMNR stock price surged 4.19% to $43.79. Furthermore, Cathie Wood’s Ark Invest purchased a massive 101,950 shares of the ETH treasury firm, across its three different funds – ARKK, ARKF, and ARKW. Since announcing its ETH treasury plan in late June, the BMNR stock price has increased by over 500% so far.
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill
- Breaking: U.S. CPI Comes In Lower Than Expectations, Bitcoin Rises
- Bitcoin Crash Incoming? Tom Lee Backs Peter Brandt’s 50% Decline Prediction Despite Strong ETF Inflows
- Breaking: JPMorgan Enables Institutions to Use Bitcoin, Ethereum as Collateral
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
