BitMine Immersion Technologies, the largest corporate holder of Ethereum, revealed that its total holdings are now at 833,137 ETH valued at over $2.9 billion, according to an Aug. 4 statement.
This development places BitMine far ahead of previous frontrunner SharpLink, which reportedly holds 438,000 ETH.
With this latest acquisition, BitMine has also climbed to third place globally in overall crypto treasuries, trailing only behind Bitcoin-focused entities Strategy (formerly MicroStrategy) and BTC miner Marathon Digital Holdings.
Tom Lee, Chairman of BitMine’s board and co-founder of Fundstrat Global Advisors, said:
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH growing our ETH holdings to over 833,000 from zero 35 days ago. We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.”
BMNR attracts institutional interest
BitMine’s stock, trading under the ticker BMNR, has seen a sharp increase in market activity.
Data from Fundstrat shows that BMNR averaged $1.6 billion in daily trading volume over the past five days, ranking 42nd among all US-listed stocks, just behind ride-hailing giant Uber.
Alongside higher trading volumes, BitMine’s stock price has surged more than 300% since it launched its ETH strategy.
That rise appears driven by growing institutional interest, with key investors now including Cathie Wood’s Ark Invest and Bill Miller III, a senior advisor at both Miller Value Partners and Patient Capital Management.
Miller, who famously backed MicroStrategy’s Bitcoin pivot in 2020, sees a familiar pattern at BitMine.
According to him:
“What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking. In my experience, the best management teams make rational decisions based upon evidence, exhibit independent thinking, and allocate capital with an objective of earning returns above the cost of capital.”
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