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:
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:
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.
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Source: https://coingape.com/eth-treasury-firm-bitmine-converts-20m-to-600m-in-a-day-as-this-stock-jumps-3000/
