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The largest bank in the United States by assets, Bank of America, has increased its stake in BitMine by more than 17 times, reaching 3.1 million shares. BitMine is recognized as the largest corporate holder of Ethereum.
As of February 10, the total number of shares of Bitmine Immersion Technologies (BMNR) in circulation was 454.86 million.
Currently, BitMine possesses 4,371,497 ETH valued at $8.73 billion, which accounts for approximately 3.62% of all Ethereum. BitMine ranks second globally in terms of corporate cryptocurrency reserves. Last week, the company acquired an additional 45,759 ETH. The total value of BitMine’s assets, including cryptocurrency, cash, and stocks, amounts to $9.6 billion. Of the total Ethereum supply, 3,040,483 (69%) is staked, which has generated $176 million over the past year with a seven-day yield of 2.89%.
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Bank of America is the only one among the five largest American banks that does not offer cryptocurrency services to its clients.
The bank’s CEO, Brian Moynihan, has previously opposed the legalization of interest on stablecoins. He believes that allowing stablecoin holders to earn income on deposits would result in a flight of depositors from banks, leading to losses for financial institutions amounting to $6 trillion. Moynihan argues that stablecoins are structurally similar to mutual funds, which also hold reserves in high-yield and liquid assets, meaning that the funds are outside the banking system.
Following the decline of the cryptocurrency market in early February, BitMine reported a loss of $6 billion. The total losses for all companies and governments holding Ethereum in their reserves reached nearly 20% by mid-February.
