On the evening of August 11, BitMine Immersion Technologies, a company listed on the New York Stock Exchange, announced that as of 10:59 PM Eastern Time on August 10, the company's total ETH holdings had reached 1,150,263 coins, valued at over $4.96 billion. This not only makes BitMine the largest ETH treasury company in the world but also the only entity with ETH holdings exceeding 1 million coins.
On the evening of August 12, the U.S. SEC's public documents revealed that BitMine plans to increase the total amount of common stock available for sale under the sales agreement to a maximum of $24.5 billion to acquire more ETH.
With BitMine's crazy buying spree, the price of ETH has risen sharply, approaching new highs, and BitMine's stock price has surged by 1300% since the end of June. In the following text, top industry VC Pantera uses BitMine as an example to break down and analyze the valuation logic of such treasury companies, which may help in understanding BitMine's accumulation strategy and the premium logic of treasury stocks like BMNR.
Our investment theory in digital asset treasury companies (DAT) is based on a simple premise: DAT can enhance the net asset value per share (NAV/share) through yield strategies, and holding it for the long term will yield more underlying token ownership than simply holding spot. Therefore, compared to directly holding tokens or investing through an ETF, holding DAT shares may have higher return potential.
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On the evening of August 11, BitMine Immersion Technologies, a company listed on the New York Stock Exchange, announced that as of 10:59 PM Eastern Time on August 10, the company's total ETH holdings had reached 1,150,263 coins, valued at over $4.96 billion. This not only makes BitMine the largest ETH treasury company in the world but also the only entity with ETH holdings exceeding 1 million coins.
On the evening of August 12, the U.S. SEC's public documents revealed that BitMine plans to increase the total amount of common stock available for sale under the sales agreement to a maximum of $24.5 billion to acquire more ETH.
With BitMine's crazy buying spree, the price of ETH has risen sharply, approaching new highs, and BitMine's stock price has surged by 1300% since the end of June. In the following text, top industry VC Pantera uses BitMine as an example to break down and analyze the valuation logic of such treasury companies, which may help in understanding BitMine's accumulation strategy and the premium logic of treasury stocks like BMNR.
Our investment theory in digital asset treasury companies (DAT) is based on a simple premise: DAT can enhance the net asset value per share (NAV/share) through yield strategies, and holding it for the long term will yield more underlying token ownership than simply holding spot.
Therefore, compared to directly holding tokens or investing through an ETF, holding DAT shares may have higher return potential.