Tom Lee’s BitMine has confirmed a massive expansion of its crypto and Ethereum treasury, increasing its crypto and cash holdings by $2.2 billion in just one week. As part this growth, BitMine increased its reserves by more than 190,000 ETH (equal to $873 million) over the last week.
BitMine Treasury Hits $8.8B, Holds 1.71M Ethereum Tokens
The company made the announcement in a press release saying that its total assets increased by 32% ($6.6 billion to 8.8 billion) in total. This includes increasing its total Ethereum holdings from 1.52 million to 1.71 million.
This growth reinforces BitMine as the largest Ethereum treasury in the world as its ETH holdings is higher than all other corporate holders of the asset. The announcement also revealed the increasing use of Ethereum as an institutional investment.
BitMine Chairman Tom Lee said the firm has raised capital from institutional investors at an unprecedented pace for two consecutive weeks. He described the effort as part of BitMine’s strategy to acquire five percent of the total Ethereum supply. According to Lee, this accumulation reflects the company’s conviction that Ethereum will anchor the future of global finance.
The company stated the rising interest of Wall Street in blockchain, as well as the fast pace development of artificial intelligence, is positively shifting the status of Ethereum within the finance industry. Lee compared today’s developments to the transformational changes following the end of the Bretton Woods system in 1971, which redefined global markets.
BitMine’s stock has also become highly liquid, trading an average of $2.8 billion daily. This establishes it as one of the largest traded stocks on the US markets based on the firm’s high treasury growth strategy.
Institutional support has been the main driving force behind BitMine’s Ethereum treasury, with ARK Invest, Founders Fund and Galaxy Digital investing in the firm. The company has not only positioned itself as a mining company but also as a treasury management leader focused on Ethereum.
ETH Drops 4%, But Treasury Growth Keeps Bull Outlook Alive
Ethereum price, nevertheless, is under severe selling pressure today. ETH dropped more than 4% to $4,585, shedding nearly $200 in value within 24 hours. TradingView data showed a fall from the $4,720 region before stabilizing above $4,560.
Despite the dip, Ethereum has maintained long-term momentum. The token is up 23% over the past month, 84% in six months, and more than 1,000% over five years. The pullback was due to profit-taking on strong rallies, yet Ethereum treasury increase by BitMine and others keeps the long-term trend strongly bullish.
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Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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