BitMine (NYSE: BMNR), which is managed by Tom Lee, had holdings of more than 833,000 ETH, valued at $2.9 billion. The company has now become the world’s foremost Ethereum treasury, passing all corporate opponents in total ETH reserves on planet earth.
In the past thirty-five days, BitMine has accelerated its acquisition process, aiming to control 5% of the entire circulating supply of Ethereum. The firm looks to achieve sustainable return on Ethereum staking, solidifying its long-term positioning within the cryptocurrency market.
Prominent investors, including Founders Fund, Cathie Wood, as well as Bill Miller III, have supported BitMine’s aggressive acquisition plans for Ethereum. Bill Miller III, a senior advisor at Miller Value Partners, has purchased a significant stake in the firm.
Other institutional investors include MOZAYYX, Pantera, Kraken, Digital Currency Group, and Galaxy Digital, which broaden BitMine’s investor influence circle. BMNR shares are now among the most liquid ones in the United States, with $1.6 billion traded every day in volume.
BitMine rises to Third-Largest gobal Crypto treasury ranking
BitMine officially launched its Ethereum treasury program on June 30, finalizing initial acquisitions by July 8 this year. In just over one month, the company reached $2.9 billion in crypto holdings, ranking third globally in treasury size.
They are only outranked by MicroStrategy and Mara Blockchain, which possess deep reserves of Bitcoins that have been gathered over years of experience. Tom Lee, Chairman, highlighted the BitMine growth rate, from zero ETH to over 833,000, in days.
BitMine’s liquidity ranks 42nd among U.S. stocks, after only Uber Technologies, as far as trading volume is concerned. BMNR averaged $1.6 billion of trading per day over the past five-day period, according to data from Fundstrat.
BitMine has been praised by Miller for aggressive deployment of capital and readiness to turn a profit once Ethereum staking begins generating returns. He drew parallels to his early bet on MicroStrategy as it transitioned towards a Bitcoin treasury strategy in 2020.
BitMine operates bitcoin and Ethereum network firms, acquiring cryptocurrencies through capital raising undertakings as well as through mining. They are located at inexpensive energy hubs, including Trinidad, Pecos, Texas, and Silverton, Texas. fgf
The company also offers advisory services, along with hash rate-associated financial products, to clients seeking returns in Bitcoin denomination. Through strong institutional support as well as accumulation strategies, BitMine stands out as a front-runner of digital asset treasuries.
