 
 
BitMine Immersion Technologies, the Ethereum-focused digital asset treasury firm led by Fundstrat’s Thomas Lee, recently purchased 179,251 Ethereum (ETH) tokens, taking a $821 million step toward its ultimate goal of owning 5% of the asset’s supply, according to a Monday press release.
The Las Vegas-based company now owns roughly 2.83 million Ether worth $8.1 billion. The company, which initiated its Ethereum treasury strategy in late June, currently owns more than 2% of the 120.7 million Ethereum in existence.
BitMine is the world’s largest corporate holder of the second-largest cryptocurrency, according to Strategic Ethereum Reserve. The firm owns more ETH than the combined reserves of Ethereum treasury firms SharpLink Gaming and The Ether Machine, as well as the non-profit Ethereum Foundation. Overall, BitMine is the No.2 corporate crypto treasury behind Michael Saylor’s Bitcoin giant Strategy with an eye-watering $80 billion in BTC.
BitMine owns some Bitcoin, in addition to Ether. As of Monday, BitMine owned 192 Bitcoin worth $24 million. The firm also stated that its total crypto and cash reserves stand at $13.4 billion, comprising $456 million in cash and a stake in the digital asset treasury vehicle Eightco Holdings.
BitMine, which initiated its Ethereum treasury strategy in late June, has become part of the digital asset treasury trend, where publicly listed companies raise capital to acquire cryptocurrencies, mirroring the strategy’s pioneering playbook.
 
“We remain confident that the two supercycle investing narratives remain [artificial intelligence] AI and crypto,” chairman Thomas Lee postulated in a statement. “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.”
Ether was changing hands at around $4,701 at the time of writing, up over 13% in the past week amid a broader crypto market resurgence spurred by BTC’s rocket surge to a new historic high. ETH is down approximately 5% since reaching an all-time high price of $4,946.05 in August, according to CoinGecko data.
Source: https://zycrypto.com/tom-lees-bitmine-boosts-ethereum-stash-above-13-billion-now-holds-over-2-of-eth-supply/
