BitMNR acquired 10,399 Ether tokens in early August, expanding its Ethereum position to 5.8 million ETH valued at $10.9 billion as of August 2, according to a company announcement.
The purchase adds to a portfolio that has grown significantly since the company began disclosing its crypto holdings. BitMNR holds 5,797,813 ETH exactly, making it one of the largest single holders of the token by disclosed balance. For scale, the total represents roughly 4.8 percent of Ethereum's circulating supply of 120.5 million tokens.
Chairman Tom Lee noted in the announcement that Ethereum outperformed the Nasdaq-100 by 2,500 basis points during July, a period when the broader index rose 5.2 percent while Ether gained 30 percent. BitMNR has made no announcement of a sale threshold or maximum position size.
The company's Ethereum tranche sits within a broader crypto portfolio that BitMNR disclosed at $11.3 billion in total value across Bitcoin, Ether, and cash equivalents as of the announcement date. The company conducted a secondary stock offering in June and has used capital from it to expand crypto holdings alongside a repurchase program for its own shares.
Ethereum's price at the time of the purchase stood near $1,880 per token. The acquisition came as institutional inflows into spot Ether exchange-traded funds continued in the United States following their approval in July 2024. BitMNR's disclosed holdings now exceed those of some public-company treasuries and rival those of several venture-backed crypto firms.
BitMNR has announced Ethereum purchases on a rolling basis since early 2024, when it began disclosing holdings under newly adopted transparency policies. Each reported tranche has been followed by commentary from Lee on Ether's technical properties or market performance and the company's investment thesis, though the company does not disclose the frequency, timing, or size limits of future buys. The pace and size of BitMNR's Ethereum acquisitions mean that each new purchase materially affects the trading volumes and on-chain movement of the token during announcement windows.
BitMNR's 5.8 million ETH now trades at a multiple of 4.6x the market capitalization of the company itself, a ratio that grew from 2.1x in January 2024. If Ethereum were to fall to $1,000 per token, BitMNR's crypto holdings alone would drop below $6 billion, eroding the company's stated asset value by roughly 40 percent. The next material disclosure point is BitMNR's third-quarter earnings call, scheduled for mid-November, where management typically updates total holdings and discusses any major transactions completed during the prior quarter.
