BitMine Immersion Technologies added 208,137 ETH to its assets over the past week, raising the total value of its crypto treasury to over $3 billion.
Increase in ETH Holdings
According to an official statement, BitMine's total assets now amount to 833,137 ETH, making it the fourth largest crypto treasury firm in the world. The current price of ether is at $3,654, although it peaked at $3,730. BitMine significantly outpaces the second largest ETH holder, SharpLink Gaming.
Competition Among ETH Treasury Firms
As ETH holdings grow, other companies have also begun to ramp up their efforts. SharpLink holds 438,200 ETH worth $1.61 billion, while The Ether Machine is in third place with 345,400 ETH after a recent $40 million purchase. These developments intensify competition among firms collecting Ethereum assets.
Tom Lee's August Predictions
Tom Lee expressed optimism about a market rally in August, citing recent labor data indicating a softening job market that may prompt the Federal Reserve to ease monetary policy. 'I think we're going to rally pretty strongly in August,' Lee stated.
These factors highlight BitMine's strategic changes in the competitive Ethereum market and the anticipation of positive developments in the broader crypto market.
