Bitmine Immersion Technologies, a listed crypto company, has announced that it has almost 1.9 million Ethereum (ETH). The company thus manages more than 1.5 percent of all the coins that exist worldwide. The total value of the stock amounts to more than 8.1 billion dollars, making Bitmine the largest business holder of Ethereum.
Almost $ 9 billion in assets
According to the announcement, Bitmine has 1,866,974 Ethereum, 192 Bitcoin and $ 635 million in cash. Together this amounts to a capital of approximately $ 8.98 billion. For comparison: the second largest Ethereum-Treasury, Sharplink Gaming, has less than half in possession, with $ $ 3.4 billion with 797,700 ETH.
The company emphasizes that all ether was purchased with cash and that there is no debts or pledged positions.
Positive response to the stock exchange
The Bitmine stock price responded positively to the news. The share closed on Tuesday at $ 44.13, an increase of 1.12 percent that day. Over the past month, the rate even rose by almost 41 percent, from $ 31.13 at the beginning of August.
Investors also show trust. Ark Invest, led by Cathie Wood, recently expanded its interest with $ 15.6 million. In total, ARK has now invested more than $ 300 million in Bitmine.
Predictions and market developments
The announcement comes shortly after the statement by Tom Lee, chairman of Bitmine and partner at Fundstrat Global Advisors, that the course of Ethereum could fall. Since the end of August, the value of Ether has indeed fallen by around 2.5 percent.
In the same month, Bitmine bought 373,000 extra ether, while the stock price then ran back by more than 14 percent.
More and more companies are building Ethereum reserve
Not only Bitmine increases its Ethereum stock. More and more companies are seeing the digital currency as a strategic investment. For example, Yunfeng Financial Group from Hong Kong, a company with ties with Alibaba founder Jack Ma, recently bought 10,000 ETH worth 44 million dollars.
In addition, crypto company The Ether Machine raised $ 654 million in a private financing round. Of these, 150,000 ether consisted of an investment by Ethereum-investiger Jeffrey Berns.
Ethereum increasingly popular among companies
With these developments, Ethereum grows into an important property, not only for private investors but also for large companies. Bitmine clearly positions itself as the market leader and strengthens his role in the global crypto sector.
Source: https://newsbit.nl/bitmine-bezit-grootste-ethereum-voorraad-ter-wereld-bijna-19-miljoen-eth/
