BitMine Immersion Technologies Expands ETH Holdings

BitMine Immersion Technologies, a crypto miner turned Ethereum treasury company, has made its second significant purchase of the week, acquiring $200 million worth of Ether. This move further solidifies the company’s position as a major player in the Ethereum market.

Recent Purchase Details

The latest purchase was flagged by researchers at blockchain analytics platform Lookonchain, who identified 46,255 Ether being transferred into BitMine’s coffers on Wednesday. The transaction was executed across three separate transactions via digital asset trust Bitgo, totaling approximately $200.43 million.

Total ETH Holdings

Including the recent purchase, BitMine’s total ETH holdings now constitute approximately 2.116 million ETH, valued at over $9.2 billion. This represents around 1.75% of Ethereum’s circulating supply, cementing BitMine’s status as the world’s largest public Ethereum holder.

Company Strategy

Since adopting an “asset-light” model focused on capital markets and staking yields in June, BitMine has steadily funded its Ether stash via direct investments. The company’s long-term goal is to hold 5% of Ethereum’s total supply, demonstrating its confidence in the cryptocurrency’s potential.

Shareholder Value

The pivot to a crypto treasury strategy has significantly enhanced shareholder value, with company shares up roughly 970% since the plans were disclosed. Notable shareholders include Ark Invest, the Cathie Wood–led asset management firm, which holds 6.7 million shares in BitMine Immersion Technologies.

Board Appointment

Last month, BitMine onboarded David Sharbutt, a former American Tower board member, to help guide the company’s long-term Ethereum strategy. Sharbutt’s experience in scaling infrastructure-heavy businesses is expected to be invaluable in navigating the Ethereum market.

Ethereum Treasury Race

BitMine is not alone in its bet on Ethereum’s long-term potential. Other public companies, such as SharpLink Gaming, The Ether Machine, and Bit Digital, have also made sizable ETH allocations in recent weeks. According to data tracked by Ethereum Treasuries, approximately 3.62 million ETH are being held by public companies, marking a growing trend in the market.

Conclusion

BitMine Immersion Technologies’ significant investment in Ethereum demonstrates the company’s confidence in the cryptocurrency’s future. As the Ethereum treasury race heats up, it will be interesting to see how other companies respond and whether BitMine can maintain its position as the largest public Ethereum holder. With its sights set on holding 5% of Ethereum’s total supply, BitMine is certainly a company to watch in the world of bitpulse.