Ethereum’s Growth Boosted by BitMine’s $13.2B Ethereum Treasury

TLDR

• BitMine now holds over 3.5 million ETH, valued at $13.2 billion.
• The company increased its Ethereum holdings by 34% in the past week.
• BitMine aims to acquire 5% of the total Ethereum supply in the future.
• BitMine’s Ethereum holdings represent 2.9% of the total ETH supply.
• Propanc Biopharma has secured a $100 million private placement with Hexstone Capital.

BitMine Immersion Technologies has announced it now holds over 3.5 million ETH, valued at $12.3 billion. The company took advantage of a recent dip in ETH prices to increase its holdings. As of now, BitMine’s Ethereum stash represents 2.9% of the total Ethereum supply.

BitMine’s Growing Ethereum Stash

BitMine Immersion Technologies, a leader in cryptocurrency mining, has made headlines by amassing 3,505,723 ETH. This is a sharp increase from its previous holdings. The company’s recent purchase of 110,288 ETH over the last week raised its total value to $13.2 billion.

Tom Lee, Chairman of BitMine, commented on the recent acquisition. “We acquired 34% more ETH compared to the week prior. The dip in ETH prices was an attractive opportunity.” BitMine’s Ethereum holdings now position it as the largest Ethereum treasury in the world.

The company has a clear goal in sight. BitMine is working towards acquiring 5% of the total Ethereum supply. As of now, it holds 2.9% of the supply, a significant step toward this target. Lee sees Ethereum as a key asset for long-term growth and value creation.

Propanc Biopharma’s $100 Million Digital Asset Reserve

In another key development, Propanc Biopharma entered into a $100 million private placement agreement. The deal, made with Hexstone Capital, will help the biopharma company build a digital asset reserve. Propanc intends to use these funds to boost its research and development efforts.

James Nathanielsz, CEO of Propanc, explained the strategic importance of this partnership. “We aim to revolutionize the way we fund and grow our intellectual property portfolio,” he said. The funds from Hexstone Capital will be directed toward advancing Propanc’s proenzyme technology and clinical trials for cancer treatments.

This digital asset strategy marks a new approach to financing research. By using digital assets, Propanc hopes to speed up the development of its therapies. This innovative funding model could pave the way for faster treatments for patients suffering from cancer and other chronic diseases.

Ethereum Foundation Hosts Key Summit

BitMine’s push into Ethereum coincided with a high-profile event in New York. BitMine and the Ethereum Foundation hosted a summit at the NYSE building. The event brought together financial institutions interested in blockchain and Ethereum-based tokenization.

Lee highlighted the growing interest in Ethereum as a platform for tokenizing assets. “Wall Street is keen to explore the transparency and value Ethereum can offer,” he said. The summit reinforced Ethereum’s role as a powerful blockchain for digital assets.

Despite the volatility in crypto markets, BitMine’s stock is thriving. It currently ranks 48th in daily dollar volume among US-listed stocks. This success follows the company’s strategic accumulation of Ethereum and other digital assets.

The fourth quarter is typically strong for crypto markets, Lee said. He expects continued growth for both Ethereum and BitMine’s holdings in the coming months.

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