BitMine Becomes the Largest Holder of ETH

BitMine Immersion Technologies (BMNR) has emerged as the largest holder of Ethereum in the market, with an ETH portfolio valued at over $2 billion.

According to a statement released on July 24, BitMine currently owns 566,776 ETH, purchased at an average price of $3,643 per ETH. This positions BitMine ahead of both the Ethereum Foundation and Coinbase in terms of ETH holdings.

Data from Strategic ETH Reserves shows that BitMine has significantly outpaced SharpLink, the second-largest holder, by more than 200,000 ETH.

Tom Lee, the chairman of BitMine, shared that the company remains committed to its long-term goal of acquiring and staking 5% of the total Ethereum supply. Currently, BitMine controls approximately 0.46% of the circulating ETH. Although this is an ambitious target, Lee believes that a long-term accumulation strategy will enable the company to achieve it.

BitMine’s optimism has garnered strong support from institutional investors. Notably, Ark Invest, led by Cathie Wood, has invested over $170 million in BitMine’s stock. In a social media post, Wood expressed confidence that BitMine is well-positioned to lead in the decentralized finance (DeFi) sector and the blockchain capital markets. She sees BitMine as having the potential to become a new generation in asset management within the blockchain era.

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To enhance market accessibility, BitMine has made significant progress by having its common stock officially traded on the New York Stock Exchange (NYSE) under the ticker BMNR since July 23. This trading option comes with standard expiration dates and various strike prices, allowing investors to manage risk and adopt more flexible investment strategies.