American Bitcoin miner, BitMine Immersion Technologies, has cemented its position as the global leader in corporate Ether holdings. It has successfully amassed $4.96 billion worth of ETH, according to the firm’s recent official press release.
Interestingly, the announcement comes as the crypto asset is only 13% away from its all-time high of $4,891, which was attained in November 2021. According to CoinMarketCap, the asset sits at a valuation of $525 billion, representing the second largest crypto following Bitcoin.
BitMine’s Ether Treasury Nears $5B
The American firm now holds a total of 1,150,263 ETH. Given last week’s reported holdings of 833,137 ETH, BitMine has acquired 316,863 Ether, representing a $2 billion acquisition within seven days. Notably, these assets include crypto purchased from the open market and earned via staking.
BitMine’s accumulation strategy was launched on June 30, following a $250 million private placement to commence its Ether treasury. Within a six-week period, the firm is now ranked among the top three global corporate crypto treasuries. Focused on BTC, Strategy (formerly MicroStrategy) and MARA Holdings top the list with $75 billion and $6 billion, respectively.
Commenting on the move, Chairman of BitMine’s Board of Directors, Thomas Lee, refers to the company’s move as being executed in “lightning speed.” Notably, the company aims to acquire 5% of the Ether supply, and it has already secured 20% of its target. The executive further added:
“We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”
BitMine’s stock, BMNR, has indeed reacted to the move. At press time, the shares have rallied by over 20% within the last 24 hours, averaging $35.75 million according to data from Google Finance. The company now ranks as the 25th most traded stock in the U.S., ahead of big players such as JPMorgan and Micron Technology.
Other Firms Boost Ether Treasury
Another U.S.-listed firm, Fundamental Global, launched its ETH treasury by acquiring 47,331 Ether at approximately $4,228 per ETH. It utilized the proceeds from a $200 million private placement. The company aims to stake and restake the crypto assets as it targets to build one of the largest Ether treasuries globally.
Meanwhile, the second-largest corporate ETH holder, SharpLink Gaming, entered into a securities purchase agreement, raising $400 million. Combined with its existing ETH reserves of about 598,800 tokens, the company expects its Ether holdings to surpass $3 billion in value once it goes shopping.
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