BitMine buys 179,251 ETH for $813M, now holds 2.83M ETH
BitMine, a crypto investment company, bought 179K ETH for $813M, bringing total holdings to 2.83M ETH, the largest Ethereum treasury.
With this purchase, BitMine now holds 2,830,151 ETH, worth $12.8 billion ($4,535 per token), making it the world’s largest Ethereum treasury.
BitMine also holds 192 Bitcoin, $113 million in “moonshot” stocks such as Eightco Holdings, and $456 million in cash. Combined with other holdings, BitMine’s crypto and cash portfolio reaches $13.4 billion. Worldwide, it sits as the second-largest digital asset treasury, behind Strategy (formerly MicroStrategy), which holds $78.6 billion in Bitcoin.
BitMine also holds 192 Bitcoin, $113 million in “moonshot” stocks such as Eightco Holdings, and $456 million in cash. Combined with other holdings, BitMine’s crypto and cash portfolio reaches $13.4 billion. Worldwide, it sits as the second-largest digital asset treasury, behind Strategy (formerly MicroStrategy), which holds $78.6 billion in Bitcoin.
The recent Ethereum purchase was made using cash reserves and a $365 million stock raise. BitMine is working toward owning 5% of Ethereum’s total supply. This purchase comes after BitMine’s recent networking at Token2049 in Singapore, where the team connected with Ethereum developers and other industry leaders.
Chairman Thomas “Tom” Lee said Ethereum is the company’s top choice because it is reliable, has 100% uptime, and is trading below its potential value.
Earlier, at Korea Blockchain Week’s Impact conference, Lee called Ethereum Wall Street’s blockchain of choice and projected ETH’s price could reach $10,000-$12,000 by the end of 2025.
Other large Ethereum treasury companies include SharpLink, Coinbase, and Bit Digital. Together, all ETH treasury companies hold 4,019,665 ETH, valued at over $18 billion at the current price of $4,678 per coin.
Chairman Thomas “Tom” Lee said Ethereum is the company’s top choice because it is reliable, has 100% uptime, and is trading below its potential value.
Since ETH's price is a discount to the future, this bodes well for the token and is the reason BitMine's primary treasury asset is ETH,said Thomas "Tom" Lee, Chairman of BitMine.
As we mentioned in our August Chairman's message, the power law benefits large holders of ETH, hence, we pursue the 'alchemy of 5%' of ETH.
BitMine trades with $2.5 billion in daily volume, ranking #28 among U.S. stocks, and accounts for 35% of the digital asset treasury sector alongside MicroStrategy, according to Fundstrat. Lee added that the company sees two long-term growth opportunities: crypto and AI. With Ethereum at the center of both, BitMine is betting on the token for future growth.
Earlier, at Korea Blockchain Week’s Impact conference, Lee called Ethereum Wall Street’s blockchain of choice and projected ETH’s price could reach $10,000-$12,000 by the end of 2025.
Other large Ethereum treasury companies include SharpLink, Coinbase, and Bit Digital. Together, all ETH treasury companies hold 4,019,665 ETH, valued at over $18 billion at the current price of $4,678 per coin.
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