TL;DR
- BitMine Immersion is the largest corporate holder of Ethereum, now exceeding 3 million ETH.
- BitMine Immersion now holds more than 2.5% of Ethereum’s total circulating supply.
- The massive purchase comes despite recent volatility in the cryptocurrency market.
BitMine Immersion is solidifying its position as a titan in the digital asset space. It recently announced that its Ethereum reserves have surpassed the 3 million ETH mark.
A colossal portfolio that is currently valued at approximately $12.6 billion. An impressive figure that makes the company the largest corporate holder of Ethereum globally, tripling the holdings of its closest competitor.
BitMine Immersion’s Aggressive Strategy
The company has followed an aggressive acquisition strategy, adding 202,037 ETH just since its last update on October 6. With this maneuver, BitMine’s Ethereum holdings now represent more than 2.5% of the cryptocurrency’s entire circulating supply, a figure that underscores its significant influence in the market.
Including other cryptocurrencies and cash, the company’s total assets are very close to $13 billion.
This strategic move comes in a context of market volatility. The recent acquisition materialized after the price of ETH experienced an 11.5% drop, driven by trade tensions between the United States and China, demonstrating BitMine’s long-term confidence in the asset despite short-term turbulence. The firm sees these downturns as strategic buying opportunities.
The bold bet on Ethereum has captured the attention of investors. BitMine has positioned itself among the most traded stocks in the United States, with an average daily volume of $3.5 billion. This accumulation not only reinforces faith in the Ethereum ecosystem but also establishes BitMine’s Ethereum holdings as a key benchmark for institutional adoption in the cryptocurrency sector.
