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BitMine Immersion Technologies, the largest public holder of Ethereum, has acquired an additional 65,341 ETH for $140 million.
Currently, BitMine possesses 4,660,903 ethers, valued at approximately $10 billion. The company has not disclosed the average purchase price of the altcoin. BitMine’s ether reserves account for 3.86% of the total circulating Ethereum tokens. As of March 22, BitMine also holds 196 BTC worth $13.9 million. The company has stakes in holding firms Beast Industries and WLD Eightco, valued at $200 million and $95 million, respectively, and maintains cash reserves totaling $1.1 billion.
Tom Lee, co-founder of Fundstrat Global Advisors and head of the company, stated that over the past three weeks, his firm has increased its pace of Ethereum purchases. He believes that cryptocurrencies, particularly Ethereum, have proven to be a reliable means of preserving wealth “in times of war.” Since the initial strikes by the U.S. and Israel on Iran, the ETH price has risen by 18%, Lee noted, adding that the altcoin is currently in the final phase of a “mini-crypto winter.”
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The head of BitMine reported that the total amount of ether staked by BitMine has reached 3,142,643 ETH. The company has staked more ether than any other organization globally, Lee boasted.
BitMine is recognized as the largest corporate holder of Ethereum. According to the SER platform, following BitMine are the marketing firm SharpLink, led by Joe Lubin, which holds 863,021 ETH, and the asset management company The Ether Machine, which possesses 496,712 ETH.
In February, Bank of America increased its stake in BitMine by more than 17 times, reaching 3.1 million shares. Bank of America is the only one among the five largest banks in the U.S. that does not offer cryptocurrency services to its clients.
