BitMine Grabs $75 Million Worth of Ethereum, Cements Position as Largest Corporate Holder
BitMine Immersion Technologies has added another significant batch of Ethereum to its balance sheet, expanding an uninterrupted accumulation campaign that has turned the Tom Lee-chaired company into the world’s largest corporate holder of Ethereum.
The company reported acquiring 27,562 ETH during the week ending September 20, increasing its holdings to 5,983,940 ETH. At a market price around the announcement, this purchase was worth approximately $75 million, although BitMine did not disclose its actual average acquisition price.
When using a reference price of $2,688 from September 21, BitMine's Ethereum position was worth roughly $16.1 billion. Including BTC, cash, marketable securities and 'moonshot' investments, the company reported total holdings of $17.1 billion.
The latest acquisition follows another purchase of 27,180 ETH disclosed one week earlier, bringing BitMine's ETH accumulation strategy within reach of its 5% target. Its current 5.98 million ETH represents approximately 4.9% of Ethereum’s circulating supply of 122.1 million tokens, placing the company about 98% of the way toward its goal.