BitMine Immersion backed by Peter Thiel reaches $1 billion in ETH assets

BitMine Immersion, a company listed on the New York Stock Exchange (BMNR) and backed by Peter Thiel, has purchased an additional $500 million in Ethereum (ETH) this week, bringing the company's total ETH assets to over $1 billion. BitMine currently holds 300,657.$ETH .

ETH accumulation strategy and long-term goals

Just less than a month ago, BitMine Immersion shifted its focus from Bitcoin mining to building an ETH treasury and announced holding $500 million in ETH. CEO Jonathan Bates of BitMine stated that the purchase of $1 billion in ETH is "a clear signal of our confidence in the long-term value of Ethereum". BitMine is one of the few companies increasing its ETH treasury, along with SharpLink Gaming. BitMine’s BMNR stock has been highly volatile since the announcement of its ETH holding strategy, dropping nearly 3% in the past day but rising over 800% in the past month.

BitMine's Board Chairman, Thomas Lee, stated that the company is achieving its goal of "buying and staking 5% of the total ETH supply". Peter Thiel and his Founders Fund acquired a 9.1% stake in BitMine this week. #anhbacong