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.
[adinserter block="1"]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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/NEWAY 3D
