BitMine Becomes World’s Largest Publicly Traded Ether Treasury

A New Leader in Ether Holdings

BitMine Immersion Technologies revealed on Monday that it is now the most extensive holder of ether (ETH) publicly traded worldwide. The Las Vegas-based firm reported that it had over 833,000 ETH tokens in its possession, which had a value of more than $2.9 billion as of the previous evening.

A Shift in Strategy

Its journey began in late June, shifting its focus from bitcoin mining to accumulating ether. This strategic move has paid off, and the company is now the leading ether holder among treasuries that are publicly disclosed. Among these treasuries are notable names like Sharplink Gaming and The Ether Machine.

Acquisition Goals

BitMine disclosed that it is the third-largest crypto treasury globally, falling behind only Strategy and MARA Holdings. However, the company has some high ambitions. It is aiming for a significant acquisition target, to hold up to 5% of the total ETH supply.

Swift Action To Amplify Ether Holdings

There is a sense of urgency in BitMine’s strategy for currency acquisition. According to the company’s chairman, Fundstrat’s Tom Lee, they have moved “with lightning speed” in their pursuit. BitMine is now holding over 833,000 ether currencies, a significant rise from 0 merely 35 days ago. This move has distanced BitMine from other crypto treasury peers regarding the speed of increasing crypto NAV per share and the high liquidity of its stock.

Backing by High-Profile Investors

Confirmed reports indicate that BitMine has attracted some high-profile investors. Investor Bill Miller III, a senior advisor to Miller Value Partners, has taken a notable stake in the company. Other significant investors include renowned personalities like Cathie Wood’s ARK Invest and Peter Thiel’s Founders Fund.

Surge in BitMine Shares

BitMine shares have also shown an upward trend. After the announcement of its strategy shift, the shares saw a substantial surge from $4.26 on June 27 to approximately $31.50 on Monday afternoon. Meanwhile, the ether was also up around 4.5% on the same day, touching the $3,670 mark.