The firm now holds more than 5.7 million ETH, valued around $9 billion. It also holds around 206 Bitcoin, worth $12.3 million.
“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins,” said BitMine Chairman Tom Lee in a statement. (Disclaimer: Lee is an investor in Decrypt parent company, Dastan).
Lee maintained that crypto's future looks bright, and said the firm “remains focused on the longer-term horizon,” highlighting tailwinds like agentic payments and institutional adoption of crypto rails.
“We are nearing quarter-end for June, and it is not surprising to see 'window dressing' leading to investors reducing their holdings in assets which have fallen in the past three months,” he said.
The firm’s primary treasury asset, ETH, has now fallen 22% in the last month of trading, recently trading hands at $1,567. At that mark, ETH is now 68% off its all-time high of $4,946.
Bitcoin has performed marginally better, dipping 19% in the last month of trading and more than 52% from its all-time high of $126,080, changing hands on Monday at $59,324.
As its primary treasury vehicle slides, so too have shares in BitMine (BMNR). The firm’s stock has fallen nearly 17% in the last five trading days and more than 31% in the last month of trading, recently trading at $13.21—down about 2.6% so far Monday.
Shares are now down more than 91% from a 52-week high of $161 established shortly after the firm adopted its Ethereum treasury strategy last June.
