Bitmine, a company -oriented company, has used the recent slip of ETH below $ 4,000 to considerably expand its participations.
The company made public On September 29, it bought more than 200,000 ETH during the week and increased the total to 2.6 million ETH. This stock, at the current market prices, is valued at $ 10.9 billion and now represents more than 2% of the circulating range of Ethereum.
Bitmine chairman Thomas “Tom” Lee, who also leads Fondstrat, explained that the buying spree of the company reflects a long-term conviction in the role of Ethereum on the interface of crypto and artificial intelligence.
He described the purchases as “buy ETH with a discount on the future”, with the argument that both industries will remain critical factors of innovation for decades.
He explained:
“We continue to believe that Ethereum is one of the biggest macro transactions in the next 10-15 years. Wall Street and AI who go to the blockchain must lead to a greater transformation of the financial system of today. And most of this takes place on Ethereum.”
In the meantime, the balance of the company extends beyond Ethereum.
Bitmine also owns 192 Bitcoin worth around $ 21.5 million and maintains a position of $ 157 million in Eightco Holdings, a portfolio that is internally categorized as ‘Moonshots’. It also reports $ 436 million in cash reserves.
Together these assets bring the total value of Bitmine to $ 11.6 billion.
This aggressive expansion reinforces the status of Bitmine as the largest single Ethereum Treasury and the world’s second largest crypto treasure box in general, with only strategy (formerly micro strategy), with 639,835 BTC with a value of around $ 71 billion.
Bitmine shares
The growing Ethereum position of Bitmine has translated into considerable stock market activity for the company.
Fundstrat data shows that on 26 September 26th, Bitmine is on the most actively traded US shares, with an average daily trade volume of $ 2.6 billion. This ranks it for visa, the payment giant -based payment giant, listed under 5,704 shares of the US.
Bitmine is also one of the most traded shares under digital treasury companies.
The company revealed that its shares, in addition to that of strategy, postpone 84% of the total activity at the top 30 digital treasury companies. It added that only the shares represent 34% of that percentage.
Speaking of these figures, Lee said:
“At Bitmine we lead our crypto treasury colleagues through both the speed of increasing crypto NAV per share and through the high trade liquidity of our shares.”
