While others chase ETF hype, Bitmine is building a treasury like a sovereign wealth fund than a mining company. In its latest disclosure, the company revealed a staggering $14.2 billion in total holdings, anchored by a massive 4.14 million Ethereum [ETH] position.
Thus, with 3.43% of all ETH, Bitmine is turning from an investor into one of the network’s most influential holders.
Tom Lee weighs in
Remarking on the same, Thomas “Tom” Lee of Fundstrat, Chairman of Bitmine, said,
Lee continued,
Beyond buying ETH, Tom Lee is also asking shareholders to approve a big hike in authorized shares on 15 January.
This move would give Bitmine the flexibility it needs to launch its biggest project yet, named the Made in America Validator Network (MAVAN).
Commenting on the same, Lee added,
Market dynamics and more
Its latest update solidifies Bitmine as the largest ETH treasury and second only to Strategy in total crypto holdings. While the company currently holds a staggering 4.14 million ETH, only 659,219 ETH (Approximately $2.1 billion), is currently staked.
Just recently, the company staked an additional 118,944 ETH, pushing its total staked position even higher.
Meanwhile, on the price front, BMNR’s stock saw a 2.91% hike to trade at $33.35, while Ethereum’s price itself climbed by 1.9% to hit $3,239 at press time.
Therefore, just as Michael Saylor turned a legacy software firm into a Bitcoin [BTC] proxy, Bitmine is aggressively consolidating its role as the world’s premier Ethereum treasury.
Final Thoughts
- By building MAVAN, Bitmine aims to become the backbone of U.S Ethereum validation, something no other public company has done at this scale.
- Bitmine is now doing with Ethereum what Strategy has done with Bitcoin so far.
Source: https://ambcrypto.com/bitmines-14b-ethereum-empire-is-one-company-quietly-taking-over-eth/
