BitMine Immersion Technologies, a company specializing in cryptocurrency storage, has announced a significant increase in its reserves of ether (ETH). Currently, it has 2.4 million $ETH , which accounts for over 2% of the total supply of the cryptocurrency. At current market prices, the company's assets are estimated at approximately $10.1 billion, making it the largest corporate holder of ETH in the world. This success is supported by raising $365 million in investments through the sale of shares, indicating the confidence of institutional investors.
BitMine plans to expand its reserves, aiming to achieve 5% of the ether supply. The weighted average purchase price of ETH ($4500) exceeds the current market value ($4200), reflecting a long-term investment strategy. Chairman Tom Lee emphasizes that the growing popularity of blockchain and AI integration creates a "supercycle" for ether, which is beneficial for large holders.
The company also holds other assets, including 192 $BTC and $345 million in cash, with a total value exceeding $11.4 billion. This approach raises discussions about the concentration of cryptocurrencies in the hands of corporations, which may affect market stability. Experts call for transparency in managing such reserves.
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