BitMine holds over 1 billion USD ETH, aiming to own 5% of the Ethereum supply.

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BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has just announced that the total assets in Ethereum and equivalent ETH of the company have surpassed 1 billion USD, just 7 days after completing a private funding round worth 250 million USD on July 8.

As of today, BitMine is holding 300.657 ETH with a value of approximately 3,450 USD/ETH.

The Chairman of the Board of Directors of BitMine – Mr. Tom Lee (Fundstrat) – stated that the company is rapidly approaching its goal of holding and staking 5% of the total global ETH supply. This will be equivalent to approximately over 6 million ETH, which is 20 times the amount of ETH the company currently holds.

CEO Jonathan Bates stated: "Owning 1 billion USD ETH is a clear testament to our belief in the long-term value of Ethereum."

BitMine is currently operating in Texas and Trinidad, focusing on Bitcoin mining, financial products related to hashrate, and long-term crypto accumulation strategies through both mining and fundraising.

Venture capitalist Peter Thiel has acquired 9.1% of the shares of BitMine Immersion Technologies. Thiel, with voting rights over 5,094,000 shares, joins the list of institutional investors paying attention to cryptocurrency companies not only for their mining capabilities but also for their growing role as holders of significant digital assets.

H-0.14%
ETH2.1%
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