- 1. Institutions Back BitMine to Expand its $ETH Treasury
- 2. BitMine Acknowledged as a Power Player of Wall Street
BitMine Immersion Technologies has solidified its reputation as the largest Ethereum ($ETH) treasury in the world. The platform is also the world’s second-largest overall crypto treasury besides Strategy Inc.
The company has combined cash with crypto holdings, announcing that this holding goes beyond $8.82 billion. Last week, this surge was at $6.6 billion, now showing a remarkable increase of $2.2 billion.
Institutions Back BitMine to Expand its $ETH Treasury
On the 24th of August, BitMine holds 1,713,899 $ETH, per token worth $4,808. Further, the company holds 192 Bitcoin ($BTC) along with unencumbered cash of $562 million. Strong institutional support is the reason behind this massive expansion.
The notable backing institutions include Cathie Wood’s ARK, MOZAYYX, Founder Fund, Pantera, Kraken, Galaxy Digital, and DCG. These institutions have helped BitMine to accumulate 5% of the total supply of ETH.
BitMine Acknowledged as a Power Player of Wall Street
BitMine, after launching its $ETH Treasury strategy a week ago, has become one of the US-listed stocks that is most liquid and widely traded. Fundstrat research suggests that BitMine will now trade at $2.8 billion in daily volume. The platform is ranked as the 20th most liquid US stock, going beyond JPMorgan and Palo Alto Networks, the industrial and financial giants.
The Chairman of BitMine, Thomas ‘Tom” Lee, stresses on company’s pace of growth. He asserts that this factor depends on investor confidence, along with Ethereum’s revolutionary potential in the next decade. He says, “At BitMine, we are leading our crypto treasury peers by the high trading liquidity of our stock.”
Lee compares today’ crypto shift to the 1971 end of Bretton Woods, highlighting Ethereum’s role to redefine finance globally. He predicts that the token will remain in power for the next 10 to 15 years, considering it one of the most significant macro trades for years.
