BitMine Immersion Technologies (BMNR), a blockchain technology firm involved in Bitcoin mining, has announced its new acquisition of 234,846 ETH for $936 million. After this purchase, the firm now has more than 2.65 million Ethereum (ETH) tokens, making it the largest Ethereum treasury in the world.
In its latest press release, BitMine stated that it now owns 2,650,900 ETH, acquired at $4,141 per token. Apart from having the largest Ethereum treasury, it also ranks second in global crypto treasuries, only behind MicroStrategy Inc., which owns 639,835 Bitcoin (BTC) valued at $71 billion.
“Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH,” said Thomas ‘Tom’ Lee, Co-Founder of Fundstrat, Chairman of BitMine. “As we mentioned in our August Chairman’s message, the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”
BitMine now owns greater than 2% of the ETH token supply, with a target to own 5% of the ETH supply as part of its ‘Alchemy of 5%’ project.
BitMine expanding its treasury rapidly
BitMine is the 26th most traded stock in the U.S., with an average daily volume of $2.6 billion. Besides ETH, the company owns numerous assets including a $157 million stake in Eightco Holdings, adding to the variety in its portfolio. BitMine’s cash reserves of $436 million also make it financially strong.
Additionally, last week, Tom Lee said that Ethereum is a “truly neutral chain” at the Korean Blockchain Week. He also said that ETH would go through a “super cycle” that would last 10 to 15 years.