BitMine Announces $11.4B in Assets, Secures $365M to Increase Ethereum Investments
BitMine Immersion Technologies (BMNR) has announced significant holdings in Ethereum and a successful capital raise aimed at further expanding its position in the cryptocurrency market. The company revealed total assets of $11.4 billion as of September 21, solidifying its position as a major player in the digital asset space. This announcement highlights the growing institutional interest in Ethereum and its potential within the evolving blockchain ecosystem.
Aiming for 5% of Ethereum Supply
A substantial portion of BitMine’s assets, $10.9 billion to be exact, is comprised of 2,416,054 ETH. Holding more than 2% of Ethereum’s total supply, BitMine is now the largest public holder of Ether. In addition to its Ethereum holdings, the company possesses 192 BTC worth $22 million, $345 million in cash, and a $175 million equity stake in Eightco Holdings. To further increase its Ethereum holdings, BitMine raised $365 million through a stock sale priced at a 14% premium above market value. Chairman Tom Lee stated that the company’s objective is to control 5% of the total Ethereum supply, anticipating increased on-chain adoption from Wall Street and the artificial intelligence sector. BitMine now possesses the second-largest crypto treasury behind Michael Saylor’s Strategy Inc.
BitMine’s strategic accumulation of Ethereum reflects a growing confidence in the cryptocurrency’s long-term value and its role in the future of decentralized finance and blockchain technology. The substantial capital raise and ambitious goal of controlling 5% of the Ethereum supply signal a significant commitment to the digital asset market.
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