Bitmine gobbles $2.1B in ETH in 16 days amid treasury arms race
Main Idea
BitMine Immersion Technologies has acquired over $2.1 billion worth of Ether in 16 days, aiming to stake at least 5% of the total Ether supply, making it the largest Ether treasury firm.
Key Points
1. BitMine purchased 566,776 Ether worth over $2.1 billion, retaking the lead as the largest Ether treasury firm.
2. Tom Lee, BitMine's chairman, stated the company aims to acquire and stake 5% of the total Ether supply, which would be over 6 million ETH worth around $22 billion.
3. BitMine's holdings surpass SharpLink Gaming (360,800 ETH) and the Ethereum Foundation (237,500 ETH) in strategic Ether reserves.
4. BitMine's stock (BMNR) surged over 3,000% to an all-time high of $135 following its Ether acquisition strategy.
5. SharpLink Gaming's stock (SBET) also rose 171% after announcing its Ether pivot, holding 360,807 ETH worth $1.3 billion.
Description
Chairman of BitMine’s board of directors, Tom Lee, said the company wants to acquire and stake at least 5% of the total Ether supply, which would be over 6 million Ether.
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