BitMine Immersion Technologies Now Holds Over 1 Million Ethereum Tokens 🙄
BitMine Immersion Technologies, a company based in Las Vegas, now owns 1,150,263 Ethereum tokens, worth about $4.96 billion. This is based on Ethereum’s price of $4,311 per token as of August 10.
Their latest purchase of 317,126 ETH, costing around $1.32 billion, makes BitMine the first company ever to own more than 1 million Ethereum tokens. This gives them the largest Ethereum stash of any company in the world.
Their holdings make up about 1% of all Ethereum currently in circulation. In terms of value, BitMine now ranks just behind MicroStrategy and Marathon Digital among companies that publicly report their crypto holdings.
BitMine’s stock price jumped 23% to $63 on Monday. It’s now one of the top 25 most-traded U.S. stocks by dollar volume.
Chairman Tom Lee said the company is moving “lightning fast” toward its goal of owning 5% of all Ethereum. BitMine started its Ethereum investment program on June 30, and plans to grow its holdings using stock-based funding, staking rewards, and possible acquisitions. The company wants to become a major Ethereum validator and a way for investors to gain exposure to ETH through its stock.
