A company specializing in Bitcoin mining, with backing from tech magnate Peter Thiel, has declared they are progressing towards becoming one of the globe’s top Ethereum holders.
BitMine announced that they’ve gathered approximately $1 billion in value of the second most valuable cryptocurrency by market capitalization, following their successful completion of a $250 million private investment round aimed at bolstering their Ethereum financial plan.
The recently selected chairperson for the board of the company, Thomas Lee from Fundstrat, asserts that BitMine is making significant strides towards reaching its target of procuring and validating 5% of the entire Ethereum supply.
Based on Lee’s statement, BitMine aspires to be comparable to MicroStrategy within the Ethereum ecosystem. Notably, the software firm currently referred to as Strategy already owns approximately 601,000 Bitcoin valued at around $72 billion, which represents roughly 2.865% of the total circulating supply of the leading cryptocurrency.
In Bitcoin treasury companies, it’s been noticeable that buying substantial amounts of Bitcoin has led to a reciprocal advantage. These significant holdings serve as a ‘sovereign put’ for the company, making their Bitcoins an alluring prospect for a nation if it ever considers purchasing 5% of the Bitcoin network. In a similar vein, Ethereum treasuries that amass 5% of the ETH supply could potentially enjoy a ‘Wall Street put’ benefit.
BitMines intends to boost the Ethereum held per share by using its earnings, along with financial transactions and market activities, staking returns, and fluctuations in the value of cryptocurrency assets.
As of July 17th, the company holds a total of 300,657 ETH worth about $1.085 billion.
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2025-07-18 20:21