Crypto
Bitmine Announces Record Crypto Holdings of $15.8 Billion
Bitmine has announced it holds $15.8 billion in crypto, cash, and marketable securities, including 5.96 million ETH tokens worth $12.7 billion at $2,513 per ETH.
The company's Ethereum holdings are 4.9% of the total ETH supply of 122.0 million, making it the largest ETH treasury in the world.
Bitmine also owns a stake in Eightco Holdings (NASDAQ: ORBS), valued at $98 million, and has a $180 million investment in Beast Industries.
The company's Chairman, Tom Lee, stated that the price ratio of ETH to BTC has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin.