BitMine Immersion Technologies (BMNR) has solidified its position as the largest publicly traded holder of Ethereum, with a total ETH portfolio now valued at over $2 billion.
In a recent announcement on July 24th, the company disclosed that it currently holds 566,776 ETH, acquired at an average price of $3,643 per token. This substantial ETH stash now surpasses the combined holdings of the Ethereum Foundation and Coinbase, positioning BitMine as a significant player in the Ethereum ecosystem.
With its holdings exceeding those of SharpLink, the second largest Ethereum holder, by over 200,000 ETH, BitMine is making strides towards its long-term goal of acquiring and staking 5% of Ethereum’s total supply. Despite currently controlling only 0.46% of ETH in circulation, Chairman Thomas Lee remains confident in the company’s accumulation strategy to reach this ambitious target.
BitMine’s bullish outlook has attracted support from institutional investors, including Ark Invest led by Cathie Wood, who has invested over $170 million in BitMine stock. Wood believes that BitMine is well-positioned to lead the evolution of DeFi and on-chain capital markets, suggesting that digital asset treasury companies like BitMine could become the next generation of asset managers in the blockchain era.
In a move to expand market access to its shares, BitMine announced on July 23rd that its common stock has begun options trading on the New York Stock Exchange under the ticker symbol “BMNR.” This listing offers investors standard expiration dates and multiple strike prices, providing more flexibility and risk management tools for market participants. CEO Thomas Lee views this development as a reflection of investor confidence and an opportunity for investors to capitalize on the company’s future growth.
Following these announcements, BMNR stock surged 7% to $42, indicating positive market sentiment towards BitMine’s strategic initiatives and growth potential.
Overall, BitMine’s substantial ETH holdings, strategic vision, and market developments position the company as a key player in the Ethereum ecosystem and a promising investment opportunity for those looking to participate in the blockchain revolution.