BitMine Increased Ethereum Holdings to 3.3 Million ETH

In recent days, the fluctuations in the cryptocurrency markets have caught the attention of investors, especially with a growing focus on Ethereum. The company BitMine Immersion has increased its Ethereum holdings to 3.3 million ETH, raising its total asset value to $13.7 billion.

BitMine Immersion announced that it has purchased 77,055 Ethereum since October 20, 2023, with this acquisition valued at approximately $319 million. Thus, the company’s total Ethereum reserve has exceeded 3.3 million ETH (approximately $13.7 billion), making it one of the largest Ethereum reserves in the world. Among the company's other assets are 192 Bitcoin (approximately $22.2 million), an Eightco WLD reserve of $88 million, and $305 million in cash.

By owning about 2.8% of the Ethereum supply, BitMine has become one of the leaders in the sector. The company is competing with other major investors like SharpLink (859,400 ETH) and The Ether Machine (496,710 ETH). In terms of total cryptocurrency asset value, BitMine is the world's second-largest crypto treasury company, following Strategy Inc. led by Michael Saylor.

BitMine's goal is to reach 5% of the Ethereum supply (approximately 6.04 million ETH). Supported by leading investors like Ark Invest, Galaxy Digital, and Pantera, BitMine has become one of the 50 most-traded stocks in the US with an average daily trading volume of $1.5 billion as of October 24, 2023.

This announcement from BitMine came immediately after a 3.1% weekly increase in Ethereum prices, following progress in US-China trade talks. Tom Lee, the Fundstrat manager and president of BitMine, stated, "Global tensions had led to a major liquidation in crypto. Now, the improvements in trade talks are creating a positive environment for Ethereum." Lee also noted that the current price of Ethereum represents a strong opportunity area ahead of the supercycle.