The Ethereum financial company BitMine Immersion Technologies, co-founded by renowned analyst and investment research organization Fundstrat's Thomas “Tom” Lee, announced on Monday that its total holdings of Ethereum (ETH) have reached 1,523,373 coins, valued at over $6 billion. The company also holds 192 bitcoins (BTC), worth about $22 million.
BitMine stated that it is currently the largest Ethereum financial strategy company in the world and the second-largest publicly listed cryptocurrency financial company, behind the Bitcoin financial company Strategy.
According to data from Yahoo Finance, BitMine (stock code: BMNR) saw its stock price drop by 5.09% on Monday, closing at $54.87, possibly influenced by a broad decline in the cryptocurrency market. Ethereum (ETH) has dropped 2.5% in the past 24 hours, with a trading price of $4,211 just before publication.
Originally focused on the bitcoin (BTC) mining business, BitMine announced in June this year a private placement to launch its Ethereum financial strategy, aiming to hold 5% of the total supply of Ethereum. Its performance evaluation method is to increase the per-share Ethereum holdings, which includes: reinvestment of the company's cash flow, capital market operations (including utilizing market fluctuations to reduce capital costs), generating income through staking, and changes in ETH value.
BitMine Chairman Tom Lee stated in a press release:
"We believe Ethereum is the most important macro trading opportunity over the next 10 to 15 years. As Wall Street and AI gradually move towards blockchain, it is expected to drive larger-scale changes in today's financial system, most of which are unfolding on Ethereum."
In addition to BitMine, publicly listed companies adopting Ethereum as a corporate financial asset include SharpLink Gaming, led by Ethereum co-founder Joe Lubin, cryptocurrency mining company Bit Digital, and BTCS Inc.
Source
