Skip to content
Finance — Investing — All about technology.

Ethereum holdings managed by BitMine surpass the $2 billion milestone

On a rapid 16-day span, the company significantly boosts its Ethereum holdings, amassing a remarkable 566,776 ETH, significantly increasing its treasury position by an impressive 700% beyond its initial funding.

,   and  Administrator
1 min read
Ethereum holdings managed by BitMine surpass $2 billion milestone
Ethereum holdings managed by BitMine surpass $2 billion milestone

Ethereum holdings managed by BitMine surpass the $2 billion milestone

In a significant move, BitMine, the once traditional Bitcoin mining operation, has pivoted towards Ethereum accumulation, becoming one of the largest publicly traded Ethereum holders.

On July 8th, BitMine completed a $250 million private placement as part of an "asset light treasury strategy." This strategic move was announced by Thomas Lee, chairman of BitMine's board of directors, who also serves as the founder of Fundstrat.

Lee has drawn parallels to MicroStrategy's Bitcoin holdings, suggesting that BitMine's strategy mirrors approaches taken by Bitcoin treasury companies. According to him, BitMine is well on its way to acquiring and staking 5% of the overall Ethereum supply.

BitMine's Ethereum holdings have expanded more than 700% beyond its initial funding proceeds, surpassing $2 billion. Each Ethereum token in BitMine's possession is valued at $3,643.75, as of the latest update.

The company now holds 566,776 ETH, a significant increase from its initial position announced in July. BitMine measures its performance through ETH held per share, including reinvestment of cash flows, capital market activities, and staking yields.

CEO Jonathan Bates stated that BitMine is committed to Ethereum's continued growth. He emphasised that the company's transformation from a Bitcoin mining operation to a major Ethereum holder is a testament to their belief in the cryptocurrency's potential.

BitMine's aggressive Ethereum accumulation strategy has not gone unnoticed. According to Thomas Lee, the company is making great strides towards its goal of acquiring and staking 5% of Ethereum's total supply.

This strategic shift towards Ethereum has positioned BitMine as a key player in the cryptocurrency market, demonstrating the company's adaptability and forward-thinking approach. As the cryptocurrency landscape continues to evolve, it will be interesting to see how BitMine's journey unfolds.

Read also:

Related

Latest