BitMine Immersion Technologies (stock code: BMNR), a finance company for Ether led by renowned analyst and co-founder of investment research firm Fundstrat, Thomas “Tom” Lee, announced on Monday that its holdings of Ether (ETH) have exceeded $2.9 billion. As of August 3, the company's Ether holdings have reached 833,137, making BitMine the largest Ether finance company in the world.
Originally focused on Bitcoin (BTC) mining, BitMine announced a private placement in June this year to initiate an Ether financial strategy, with Tom Lee as chairman. The performance assessment goal is to increase the per-share Ether holdings, achieved through: reinvesting company cash flow, capital market operations (including leveraging market fluctuations to lower capital costs), generating income through staking, and fluctuations in ETH value.
"BitMine is advancing towards the 'acquisition of 5% ETH magic' goal at lightning speed (note: meaning to acquire and stake 5% of the total Ether supply); in just 35 days, we have increased our ETH holdings from zero to over 833,000," Tom Lee stated: "We have stood out in the crypto finance sector, not only leading in the speed of increasing net asset value per share of crypto assets but also ranking high in stock liquidity."
At the same time, BitMine announced that legendary investor and senior advisor to investment firm Miller Value Partners, Bill Miller III, has become one of its major investors, alongside institutional investors including ARK founder Cathie Wood, MOZAYYX, Silicon Valley mogul Peter Thiel's Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, "jointly supporting BitMine in achieving its goal of acquiring 5% of ETH."
Bill Miller stated:
"I first invested in Microstrategy at the end of 2020, shortly after Michael Saylor shifted to a Bitcoin financial strategy. Tom Lee and his team have shown determination to follow Michael's strategic blueprint to enhance shareholder value. More excitingly, once BitMine initiates ETH staking, the company will enter a high-profit phase. From my experience, the best management teams make rational decisions based on facts, demonstrate independent thinking, and allocate capital with the goal of achieving returns above the cost of capital."
According to data from strategicethreserve.xyz, BitMine is currently the publicly traded company holding the most Ether, with the second being SharpLink Gaming, led by Ethereum co-founder Joe Lubin, holding 438,000 ETH.
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