BitMine Immersion Technologies has rapidly acquired a substantial portion of the circulating Ether (ETH) supply, seizing a significant position in the Ethereum ecosystem and influencing corporate crypto treasury strategies.
In just 16 days, the company purchased approximately 566,776 ETH, valued at over $2.1 billion. This aggressive acquisition pushes BitMine towards its goal of holding a stake equaling 5% of the total ETH supply, marking a major corporate commitment to the cryptocurrency.
The scale of BitMine’s holdings has surpassed MicroStrategy’s well-known Bitcoin treasury; MicroStrategy controls roughly 2.9% of the Bitcoin supply, while BitMine’s ETH acquisition positions it as one of the largest singular corporate holders in the crypto space.
This move demonstrates a growing trend amongst corporations actively accumulating crypto assets. Collectively, corporate Ethereum reserves now represent a considerable portion of ETH’s total supply, potentially impacting market liquidity and dynamics.
The rapid accumulation highlights BitMine’s strategic focus and ambition, prompting market analysts to consider the potential implications for Ethereum’s network security, given the large stake intended for staking, and broader cryptocurrency market trends. The announcement spurred significant surges in the stock prices of BitMine and peer SharpLink Gaming.