The Bitmine Immersion Technologies Company has not wasted any time, and has recently used Ether’s modification (ETH) to add 208,000 coins to its finances.
According to current market prices, this is a $2.9 billion worth of stash. With this number, The company is positioned as a public contributor with more ETH in its portfolio.
According to strategic ETH reserve data, this amount is nearly doubled over that of its closest competitor, Sharplink Gaming. It also exceeds 3.5 times the holdings of the Ethereum Foundation, which has 233,000 ETHs.
The accumulation strategy began on June 30th and closed its first phase on July 8th. In 35 days, the company has become a major institutional officer in this market due to its lack of exposure to ETH.
The board’s projected plan aims to reach 5% of the circular supply of cryptocurrencyETH of 120 million people. With its current holding, Bitmine has little control over 0.69% of the circular supply of Ethereum cryptocurrency.
This movement places Bitmine as the world’s third largest corporate asset treasury ministry, with its backlash only on strategy and Mara blockchain. Unlike these, which are oriented towards Bitcoin (BTC), their approach focuses solely on Ethereum. The next step is to activate the staking function in the holding functionthis can generate additional income.
The company’s announcement occurred in the context of ETH recession. From Thursday, July 31st to Saturday, August 2nd Cryptocurrency fell 13%, down $3,350 from 3,867. Since Sunday 3, prices began to recover at the end of this report, starting to quote $3,562, an increase of 6.3% in about 12 hours.
In this TradingView graph, Ether performance is better evaluated from Thursday to Monday.
In parallel, Bitmine (BMNR) shares reached $32.50 on Monday, August 4, following their closing at 31.68 on the last Friday, before responding with a pre-market 2.8% rise. Action is one of the most negotiated in the USOver the past five business days, it has an average daily volume of $16 billion.According to Statista data, it is ranked 42nd in 5,704 listed stocks.
Bitmine has seen a significant increase in its behavior. They started to rise at 800% within two monthsCryptonoticia reported after publicly announced its strategic adoption of ETH.
The company’s management highlighted the speed of purchasing plans execution, noting that the strategy is trying to optimize net value per action through liquid digital assets. Chairman Thomas Lee highlighted the competitive advantage gained by implementing large acquisitions at record speeds.
«Bitmine moved at lightning speed in searching for “5% Alchemy” ETH 35 days ago to increase ETH Holdings from zero to over 833,000. We separated between our Cryptocurrency Treasury competitors, both in the speed of increase in NAV per action and the high liquidity of our actions,” Lee said.
Among the main investors is Bill Miller III from Miller Value Partners Advisor, who compared Bitmine’s approach to MicroStrategy (current strategy) in 2020. When the latter adopted a Bitcoin accumulation plan. According to Miller, the company could generate sustainable returns when it starts operating its staking infrastructure around Ethereum.
Bitmine does not specify when to activate this feature, but has confirmed that its implementation is under technical evaluation. meanwhile, This maintains its goal of reaching 5% of the total circulation of ETH in the coming months.
