BitMine Immersion Technologies, a prominent player in the cryptocurrency treasury sector, has announced that it now holds over 2% of Ether’s (ETH) total supply, translating to approximately 2.4 million ETH. This significant accumulation is valued at around $10.1 billion, positioning BitMine as the largest corporate treasury of Ether globally.
On Monday, the company revealed its ambitious plans to further bolster its ETH reserves through a new fundraising initiative. BitMine has stated that its acquisition strategy involved purchasing ETH at an average price of nearly $4,500 per unit, which is about 7.25% above the current market price of $4,200.
According to data from Strategic ETH Reserve, not only does BitMine lead the corporate treasury rankings for Ether, but it also surpasses competitors, such as SharpLink Gaming, which has an ETH balance of 838,150. Overall, BitMine’s total assets now reach $11.4 billion, combining equity, cash, and cryptocurrency holdings. This significant portfolio positions BitMine among the top entities in the cryptocurrency treasury landscape, alongside other heavyweights, such as Strategy, which holds over $74 billion worth of Bitcoin (BTC).
As part of its latest fundraising efforts, BitMine disclosed that it successfully sold approximately 5.22 million shares priced at $70 each, representing a 14% premium compared to its previous closing price of $61.29 on September 19. Along with this offering came 10.4 million warrants that could potentially yield an additional $913 million when exercised. The total proceeds from this initiative are expected to be around $365 million.
Chairman Thomas Lee commented on the fundraising results, suggesting that the premium pricing reflects substantial institutional confidence in the company’s vision. He noted, “The convergence of both Wall Street moving onto the blockchain and AI creating a token economy is fueling what we believe to be a supercycle for Ethereum.”
This recent initiative follows a notable $200 million purchase made earlier in September, where BitMine acquired an additional 46,255 ETH. This followed closely on the heels of a previous $65 million acquisition, resulting in a report that indicated the company held about 1.5% of all Ether supply as of September 2.
The increasing interest from institutions in cryptocurrency treasuries is evident. Following BitMine’s public offerings, renowned investment firm ARK Invest, led by Cathie Wood, bought 101,950 shares of the company in early September. As interest in the cryptocurrency space continues to expand, public companies are reported to be actively raising hundreds of millions of dollars for their cryptocurrency strategies, further supporting the notion that these positions are attracting significant investor engagement.
BitMine’s strategic approach to cryptocurrency investments and the scalable expansion of its Ether reserves could very well define its trajectory as the digital currency space continues to evolve. The company’s activity underscores broader trends of institutional participation in the crypto market, as well as increasing confidence in the utilization of blockchain technology across various sectors.
