BitMine Bolsters Ethereum Holdings as Strategy Raises $2 Billion

BitMine Immersion Technologies continues to build its Ethereum holdings, adding 32,447 ETH in the week ended August 23. This brings its total to 5,847,611 ETH, representing approximately 4.8% of the circulating supply.

The company's strategy focuses on staking economics, with 87% of its Ethereum position currently staked. At a price of around $2,492 per ETH, BitMine's market value for its Ethereum holdings is approximately $14.6 billion.

Meanwhile, Strategy raised $2.01 billion through the sale of MSTR shares but made no purchases of Bitcoin during the week. Instead, it allocated $300 million to its USD Reserve and repurchased preferred stock using a portion of the proceeds.

Strive, on the other hand, expanded its Bitcoin holdings by 5.5% with the purchase of 1,110 BTC for approximately $81.5 million.