One of the first public companies to test an Ethereum treasury strategy has rapidly accumulated more than $3 billion of the second-largest crypto asset by market cap.
BitMine says it has rapidly stockpiled the largest Ethereum treasury in the world, now holding 833,000 ETH worth more than $3.03 billion at time of publishing.
Fundstrat co-founder Tom Lee, who is now the Chairman of BitMine’s board of directors, says the firm is pushing to acquire 5% of the circulating supply of Ethereum, which would be about 6,035,480 ETH.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH growing our ETH holdings to over 833,000 from zero 35 days ago.
We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.”
BitMine calls itself a Bitcoin and Ethereum network company focused on buying crypto for the long term, acquired by BTC mining proceeds and capital raises.
The firm’s mining operations are centered in Trinidad as well as Murray, Kentucky, Pecos, Texas and Silverton, Texas.
ETH is priced at $3,641 at time of publishing, up 4.02% in the last 24 hours.
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