With huge ethereum holdings and solid institutional backing, Bitmine Immersion Technologies has declared total assets reaching to $10.8 billion. This number was driven by the company’s public announcement. With the news, Bitmine has further solidified its position as the largest treasury for Ethereum worldwide. Additionally, it has become the second-largest cryptocurrency treasury in the world, following only Strategy’s bitcoin holdings.
Bitmine’s portfolio includes 192 Bitcoins, $569 million in cash, and a $214 million equity share in Eightco, which is considered to be one of its “moonshot” investments. As of September 14, Bitmine’s portfolio consists of 2,151,676 ETH, each of which is valued at $4,632. “At Bitmine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Thomas Lee. “We are also leading by a significant margin.” Major investors like as Cathie Wood’s ARK, Founders Fund, Pantera, Galaxy Digital, and Kraken have shown their support for the firm’s ambitious accumulation approach. Notable individual supporters such as Bill Miller III and Thomas Lee have also shown their support for the company. Bitmine has made it clear that it intends to acquire no less than five percent of the total supply of Ethereum.
Currently ranked as the 28th most traded equity in the United States, Bitmine’s stock has undergone a tremendous growth in popularity over the past several years. One indication of this rise is the fact that average daily volumes have reached $2 billion over the course of the last five days. Because of its liquidity and the largest ETH treasury in the world, Bitmine is strategically positioning itself to be at the vanguard of the new financial age, which will be defined by digital assets.