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- BitMine continues to build its Ethereum reserves, now holding over $9.2B in ETH, making it the largest public holder.
- With recent buys, BitMine now holds 2.1 million ETH, worth $9.2B, solidifying its leadership in crypto treasuries.
- Since pivoting to an ETH treasury model, BitMine’s share price has surged nearly 970%, reflecting investor confidence.
BitMine Immersion Technologies has continued its major transformation move to increase Ethereum (ETH) reserves after acquiring $200 million in ETH this week. This comes as a follow-up to a prior buying spree a few days ago. This acquisition makes BitMine the biggest public holder of Ethereum.
On Wednesday, blockchain analytics platform Lookonchain identified a large transaction. BitMine had purchased 46,255 ETH in three transactions. The aggregate investment was around $200.43 million. The acquisition is a follow-up to the other acquisition that the company made, completing its total ETH purchase to be $250 million in this week.
BitMine’s $881M ETH Acquisition Boosts Holdings
BitMine announced earlier this week that it had bought 202,469 ETH, estimated at $881 million. This puts the total value of the company at more than 2.1 million ETH, or approximately $9.2 billion at the current date, September 11. BitMine currently holds an estimated 1.75 percent of the total supply in Ethereum.
BitMine has been accumulating more ETH since switching to a treasury model in June. The company concentrates on capital markets and staking yields to finance its crypto reserves. In the long term, BitMine seeks to own 5 percent of the entire supply of Ethereum. This strategy aims at maximizing shareholder value.
Since it announced its Ethereum strategy, BitMine has increased its share price by almost 970%. This impressive growth showcases the strong confidence investors have in the company’s strategy. Ark Invest, headed by Cathie Wood, is a massive shareholder with 6.7 million shares.
Also Read: Stelios Haji-Ioannou Launches easyBitcoin App to Revolutionize Crypto Access!
New Leadership Supports Ethereum Investment Strategy
The company has likewise strengthened its leadership group through one important appointment. David Sharbutt, a former board member of American Tower, joined the board of BitMine last month. Sharbutt specializes in scaled businesses and will assist in steering the long-term Ethereum strategy.
The move by BitMine is similar to the trend of a rise in companies investing publicly in Ethereum. Other companies, such as SharpLink Gaming, The Ether Machine, and Bit Digital, have also been significant buyers of ETH. Ethereum treasuries data shows that the total ETH currently held by public companies stands approximately at 3.62 million.
BitMine is leading this trend with its blistering acquisition of Ethereum. The company continued to stake in Ethereum by placing its confidence in the future of the product as its holdings grow. The increasing use of crypto treasuries demonstrates that the adoption of Ethereum in the financial world is on the rise.
Also Read: Gemini Soars with $3B IPO Valuation: Nasdaq Partnership Boosts Crypto Future!
