BitMine Acquires 234,846 ETH Worth $963M

Ethereum treasury company, BitMine Immersion Technologies, has further solidified its commitment to accumulating the top altcoin, Ethereum (ETH). The firm recently added 234,846 ETH, worth approximately $961.5 million, to its portfolio.

In an official press release, the crypto mining company disclosed that its Ethereum holdings have now exceeded 2.65 million ETH, worth over $10.8 billion. The coins were purchased at an average price of $4,141 per ETH.

BitMine Targets 5% Ethereum Supply

The latest acquisition is part of BitMine’s ambitious ETH acquisition strategy. Described by the company’s Chairman, Tom Lee, as “the alchemy of 5%”, BitMine intends to accumulate 5% of all ETH. 

Notably, controlling 5% of Ethereum’s supply will enable the crypto mining company to benefit from the long-term effects of the Ethereum Network. With the recent purchase, BitMine currently holds 2.2% of ETH’s circulating supply. 

Commenting on the company’s aggressive ETH acquisition strategy, Chairman Lee said, 

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum… the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”

The company has continued to receive support from notable institutional investors, including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, to pursue its 5% ETH goal.

Meanwhile, BitMine further disclosed its 192 BTC holdings and a $157 million equity position in the WLD treasury company, Eightco Holdings. The company also holds $436 million in unencumbered cash. 

Institutional Interest in ETH Accelerates

BitMine’s massive ETH stash solidifies the company’s position as the world’s largest Ethereum holder. It is also the second-largest crypto treasury company, only behind Strategy, which currently holds 639,835 BTC valued at $71 billion. 

The company’s ETH accumulation spree comes as institutional interest in altcoins, especially ETH, has accelerated. Like BitMine, several other companies, including SharpLink Gaming and The Ether Machine, have established their Ethereum treasuries. 

SharpLink is currently the second-largest ETH holder. The online performance marketing company has consistently increased its ETH portfolio, which is currently sitting at 838,728 ETH. 

The post BitMine Acquires 234,846 ETH Worth $963M appeared first on Cointab.