BitMine Immersion Technologies announced today that its Ethereum (ETH) holdings have surged past 833,000 tokens, making it the largest ETH treasury in the world. The announcement comes amid a broader trend of corporate ETH accumulation.
BitMine Becomes Largest Ethereum Treasury
According to the statement, BitMine Immersion Technologies – a leading Bitcoin (BTC) mining firm – has amassed 833,137 ETH, overtaking SharpLink Gaming to become the largest corporate holder of the digital asset.
BitMine’s holdings are currently valued at over $2.9 billion, based on an ETH price of $3,491 per token. Commenting on the development, Tom Lee, Chairman of BitMine’s Board of Directors, said:
BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago. We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.
BitMine’s ETH treasury strategy is a recent initiative, launched on June 30. In just over a month, the company has already surpassed SharpLink Gaming to become the top ETH treasury holder globally.
Data from StrategicETHReserve.xyz shows BitMine’s ETH holdings have jumped an impressive 283.1% over the past 30 days, now accounting for slightly more than 0.5% of ETH’s total circulating supply.
Following BitMine, SharpLink Gaming holds 438,200 ETH, while The Ether Machine ranks third with 334,800 ETH. Other top ETH-holding entities include The Ethereum Foundation, Coinbase, Bit Digital, and BTCS.
BitMine’s massive ETH reserves not only make it the largest Ethereum treasury, but also rank it third among all corporate crypto holders overall. Only Michael Saylor’s Strategy (formerly MicroStrategy) and MARA Holdings – both primarily Bitcoin holders – have larger reserves.
Following the announcement, BitMine shares rose 2.65%, trading at $32.52 at the time of writing. The stock is up an impressive 348% on a year-to-date basis.
More Corporates Overtake The ETH Foundation
The Ethereum Foundation was once, by far, the dominant ETH holder. However, it is now being overtaken by several corporate entities as institutional interest in Ethereum continues to grow at a rapid pace.
Last week, Ethereum-focused firm BTC Inc. announced plans to raise $2 billion to expand its crypto treasury, including ETH. Meanwhile, Ethereum yield and infrastructure firm – The Ether Machine – recently added 15,000 ETH to its balance sheet.
The rise in corporate accumulation is also reflected in exchange data – ETH reserves on centralized exchanges have dropped to a nine-year low. At press time, ETH trades at $3,648, up 0.9% in the past 24 hours.
Featured image from Unsplash.com, charts from Yahoo! Finance and TradingView.com
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