Crypto
BitMine's Ethereum Holdings Soar Past $12 Billion Amid Crypto Rally
BitMine's massive Ethereum position surged to over $12 billion in value after the price of ETH jumped above $2,100 on Wednesday. The crypto rally added around $1.13 billion to BitMine's treasury, which now holds approximately 5.815 million ETH.
The company's chairman, Tom Lee, has been vocal about his bullish stance on Ethereum, and this latest move is a testament to the growing value of BitMine's Ethereum holdings.
At $2,100 per ETH, BitMine's treasury now holds assets valued at over 4.8% of Ethereum's total supply.
The price rally also had an impact on BitMine's staked position, which increased in value by approximately $986 million, from around $9.6 billion to $10.64 billion.