BitMine Immersion Technologies has taken the crypto world by storm, gobbling up a staggering 566,776 Ether (ETH), worth over $2.03 billion, in just 16 days. Yep, you read that right, $2 billion in less than three weeks. The company’s not just sitting pretty; they’re setting their sights on staking 5% of the total Ether supply. Now that’s some serious crypto power play.
Tom Lee, the big shot managing partner of FundStrat and chairman of BitMine, couldn’t be more thrilled. According to him, this latest buying spree has the company “well on our way” to hitting that 5% mark. At Ether’s current supply rate, that means they’ll eventually hold around 6 million Ether, worth a whopping $22 billion at today’s prices. Eat your heart out, Bitcoin whales!
The Battle of the Ether Titans
With their bold moves, BitMine has officially earned the title of the largest Ether treasury firm.
They’ve flipped SharpLink Gaming off the top spot, which had previously held about 360,800 ETH. The Ethereum Foundation is trailing behind, sitting pretty with 237,500 ETH.
But let’s not forget about the larger-than-life competition: Michael Saylor’s company, Strategy, holds a hefty 607,770 Bitcoin, representing just 2.9% of Bitcoin’s 21 million coin cap. BitMine is gunning for a more impressive 5% stake in Ether. If they pull it off, they’ll have more Ether than Saylor’s company has Bitcoin; now that’s some bold ambition.
BitMine isn’t just stacking up ETH; they’re making serious waves in the stock market too.
After announcing its plans to buy massive amounts of Ether, BitMine’s stock (BMNR) skyrocketed 3,000% to an all-time high of $135 on July 3. Meanwhile, SharpLink Gaming’s (SBET) stock surged 171% after it revealed its pivot to Ether. Looks like everyone’s catching the Ethereum fever!
In the world of strategic reserves, Ether is making its mark. There are currently 2.31 million Ether stashed in 61 reserves, worth $8.46 billion. Compare that to Bitcoin’s 16.5% total supply held by over 200 firms, valued at $408 billion. Looks like Ether’s catching up, and BitMine’s aggressive moves are only adding fuel to the fire.
Gunel Ismayilova
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