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BitMine Immersion Technologies (NYSE American: BMNR) announced its Ethereum holdings totaled 833,137 tokens valued at $2.9 billion as of August 3. The company stated this makes it the largest ETH treasury globally.
BitMine launched its ETH treasury strategy on June 30, closing on July 8. The company grew its ETH holdings from zero to over 833,000 tokens in 35 days, according to the press release.
The stock has averaged $1.6 billion in daily trading volume over five days, ranking 42nd among U.S.-listed stocks by liquidity, according to data from Fundstrat cited in the announcement.
Bill Miller III, senior advisor to Miller Value Partners, has taken a stake in BitMine. "What is intriguing is BitMine is set to be very profitable once the Company turns on ETH staking," Miller said in the release.
Thomas Lee of Fundstrat, who serves as chairman of BitMine’s board, stated the company aims to acquire 5% of all ETH. Other institutional investors mentioned include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.
BitMine operates Bitcoin mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas. The company describes itself as focused on cryptocurrency accumulation for long-term investment through mining operations and capital raising.
The information is based on a company press release statement.