BitMine Immersion Technologies Announces Significant Ethereum Holdings
Led by renowned analyst and co-founder of investment research firm Fundstrat, Thomas “Tom” Lee, BitMine Immersion Technologies announced on Monday that the total amount of Ethereum (ETH) held by the company has reached 1,523,373 coins, valued at over $6 billion. This indicates that the company has increased its holdings by approximately 373,000 ETH in the past week. The company also holds 192 Bitcoin (BTC), valued at around $22 million.
BitMine stated that it is currently the largest Ethereum financial strategy company in the world and the second-largest publicly traded cryptocurrency financial company, following Bitcoin financial company Strategy.
According to data from Yahoo Finance, BitMine (stock code: BMNR) saw its stock price decline by 5.09% on Monday, closing at $54.87, likely influenced by the widespread downturn in the cryptocurrency market. Ethereum (ETH) dropped by 2.5% in the past 24 hours, with a trading price of $4,211 at the time of this report.
Originally focused on Bitcoin (BTC) mining, BitMine announced in June this year that it would initiate a private placement to launch its Ethereum financial strategy, aiming to hold 5% of the total supply of Ethereum. Its performance evaluation method focuses on increasing the per-share Ethereum holdings, achieved through reinvesting company cash flow, capital market operations (including leveraging market volatility to reduce capital costs), generating revenue through staking, and fluctuations in the value of ETH.
Tom Lee, Chairman of BitMine, stated in a press release:
In addition to BitMine, publicly traded companies adopting Ethereum as a financial asset include SharpLink Gaming, led by Ethereum co-founder Joe Lubin, cryptocurrency mining company Bit Digital, and BTCS Inc.
