BitMine Immersion Technologies (BMNR) has reached a significant milestone, becoming the largest holder of Ethereum in the world, with total assets of $10.77 billion.
Total Assets and Ethereum Purchases
As of September 14, 2023, BitMine disclosed holdings of 2,151,676 ETH, valued at over $10.8 billion in total assets, including 192 Bitcoin and $569 million in cash. In September, BitMine acquired 46,255 ETH worth $201 million, which also contributed to the growth of total assets.
Growth Strategy and Company Goals
The company laid out its long-term goals through an investor presentation titled 'Alchemy of 5%' and a new episode of its monthly series 'The Chairman's Message' featuring Tom Lee. Lee stated that their target is to secure 5% of the total Ethereum supply, suggesting that the shift of Wall Street towards blockchain will create a new 'supercycle' for Ethereum.
Support from Major Investors
BitMine has garnered support from notable names in finance and crypto, including ARK's Cathie Wood, Bill Miller III, and Kraken. The company's stock has become one of the most actively traded in the U.S., with an average trading volume of $2.0 billion per day.
With nearly $11 billion in assets and the largest Ethereum treasury in the world, BitMine Immersion Technologies continues to raise the bar in crypto asset management.
