BitMine's Ethereum Treasury Approaches Nearly $8 Billion After ETH Hits ATH

BitMine Immersion Technologies' Ethereum treasury has surged to nearly $8 billion after the company added nearly $900 million $ETH last week, as ETH reached an all-time high.

Accumulation and Growth Strategy

In the past week, BitMine has purchased over 190,500 ETH, raising its total ETH holdings to 1.71 million ETH, accounting for nearly 1.5% of the total supply. With this move, #Bitmine has become the second-largest public cryptocurrency treasury, only behind Michael Saylor's MicroStrategy.

BitMine's chairman, Tom Lee, stated that the company is pursuing the goal of owning 5% of the total ETH supply. They have raised funds from institutional investors at a rapid pace and intend to continue buying ETH in the long term.

Market Reaction and Outlook

BitMine's stock price #BMNR has increased by over 36% this month, indicating that the market is reacting positively to the company's strategy. BitMine believes that Ethereum is one of the largest macro trades in the next 10-15 years, thanks to Wall Street and AI moving towards using blockchain technology. This reinforces confidence in Ethereum's potential and shows the increasing acceptance of this asset in traditional finance.