BitMine has amassed over $4.9B in Ethereum, remaining the largest ETH holder among publicly traded companies.

▪️U.S.-based BitMine Immersion Technologies (NYSE: BMNR) announced that its Ethereum reserves have reached 1,150,263 ETH — worth over $4.96B at current prices. Just last week, the company reported holding 833,000 ETH.

▪️In dollar terms, the company now ranks third among public companies with crypto reserves, behind only Michael Saylor’s strategy and mining firm MARA Holdings, both of which hold Bitcoin.

▪️BitMine began building its Ethereum reserves in late June and reached its current volume in less than two months. Funds were raised through private stock placements involving Pantera Capital, ARK Invest, Galaxy Digital, Founders Fund, DCG, and the Kraken exchange.

▪️The company’s board chairman is Fundstrat founder Tom Lee, while PayPal co-founder and venture investor Peter Thiel has become one of its largest shareholders.

BitMine’s stated goal is to accumulate up to 5% of Ethereum’s total circulating supply and use its ETH holdings for staking and participation in DeFi sectors, thereby increasing asset value per share.#Ethereum $ETH