Bitmine Immersion Technologies (BMNR) has strengthened Ethereum’s largest publicly held holder, and is currently valued for its total ETH portfolio, exceeding $2 billion.
In a July 24 disclosure, the company announced that it currently owns 566,776 ETH, which is getting it at an average price of $3,643 per token.
Bitmine’s Eth Stash surpasses the combination holdings of the nonprofit organization behind the blockchain network and the Ethereum Foundation of Coinbase, the largest crypto trading platform in the United States.
Bitmine’s holdings are now over 200,000 ETH, more than Sharplink, the second largest Ethereum holder.
Bitmine Chairman Thomas Lee said the company is focusing on its long-term objective of betting by winning 5% of Ethereum’s total supply.
Currently, Bitmine controls approximately 0.46% of the circulation ETH. The goal is ambitious, but Lee explained that it is achievable given the company’s continued accumulation strategy.
The company’s bullish outlook has gained support from major institutional investors. One such investor is Ark Invest, led by Cathie Wood.
In a recent social media post, Wood expressed her belief that Bitmine is suitable to play a leading role in the evolution of Defi and Chain’s capital markets. She noted that digital asset financing companies like Bitmine could become the next generation of asset managers in the blockchain era.
Options trading
In parallel development, Bitmine has also taken an important step towards expanding market access to stocks.
On July 23, the company announced that its common stock had begun trading options on the New York Stock Exchange. The option list features standard expiration dates and multiple strike prices, giving investors more flexibility and risk management tools.
According to Lee, the move reflects investors’ trust and offers a new way for market participants to be exposed to the company’s future growth.
BMNR stocks skyrocketed 7% to $42, according to Google Finance data After these developments.
