BitMine Boosts Ethereum Stash Above $8 Billion, Now Holds 1.5% of ETH Supply - Decrypt

BitMine Immersion Technologies Makes Major Ethereum Investment Purchase by Decrypt explores the Las Vegas-based firm's significant cryptocurrency acquisition strategy and market implications.

BitMine Immersion Technologies recently purchased 153,000 Ethereum tokens worth $655 million, bringing their total holdings to 1.86 million ETH valued at $8.1 billion. This acquisition makes BitMine the largest corporate holder of Ethereum, now owning approximately 1.5% of the total Ethereum supply. Company chairman Tom Lee compares Ethereum's current moment to 1971 when the US abandoned the gold standard, suggesting similar innovation could emerge in digital finance.

• BitMine now holds more Ethereum than the combined holdings of other major treasury firms and the Ethereum Foundation
• The company aims to eventually own 5% of Ethereum's total supply as part of their treasury strategy launched in June
• Tom Lee predicts Ethereum could reach $12,000 if the ETH-to-Bitcoin ratio returns to its 8-year average, especially as Wall Street builds financial infrastructure on the blockchain
• The purchase comes as stablecoin adoption grows and AI systems potentially integrate with blockchain technology