BitMine's daily trading volume reaches 1.6 billion USD, ranking 50th in the United States, just behind MasterCard.

BitMine disclosed that it holds approximately 3.63 million ETH, making it one of the largest Ethereum treasuries in history. However, its announced average bid price of $2,840 per coin immediately raised questions from analysts, who believe there are logical flaws in this figure.

This disclosure is significant as BitMine is making progress towards its long-standing goal of acquiring 5% of all Ethereum, which Fundstrat refers to as “the alchemy of 5%.”

BitMine (BMNR) stated in its latest report released on November 24 that the total value of its held cryptocurrencies, cash, and “potential stocks” amounts to 11.2 billion USD. The company holds 3,629,701 ETH, 192 BTC, shares of Eightco Holdings worth 38 million USD, and 800 million USD in unencumbered cash.

BitMine data shows that the average purchase price for these 3.63 million ETH is about $2840 per coin. If the current market price is above $2900, then this transaction will be slightly profitable. Chairman Thomas “Tom” Lee reiterated that BitMine has currently acquired a 3% stake in Ethereum.

BitMine also announced its weekly ETH purchasing status, showing a continuous large increase in Ethereum holdings during October and November, solidifying BitMine's position as the world's largest Ethereum treasury. It is also the second largest cryptocurrency treasury globally, second only to MicroStrategy, which holds 649,870 Bitcoins worth $57 billion.

It is worth mentioning that Lee believes the recent decline in cryptocurrency prices is in line with “the liquidity damage since October 10th” and weak technical conditions. He also noted that the price of Ethereum (ETH) is nearing the $2500 downward target previously predicted by Fundstrat.

BitMine highlights the rapid rise of BMNR, which has become one of the most actively traded stocks in the United States. As of November 21, the average daily trading volume of BMNR was $1.6 billion (five-day average), ranking 50th in the nation, just behind Mastercard (, and ahead of Palo Alto Networks. (BeinCrypto)