BitMine Accumulation 6.6 billion USD ETH, competing with BTC fund management companies

BitMine (BMNR) continues to expand its ETH investment portfolio, even as the market undergoes corrections and reaches local peaks. In just a few weeks, BitMine has quickly become the second-largest cryptocurrency treasury company, competing with the BTC holding group. The company's founder, Tom Lee, announced this achievement as the company aims to acquire 5% of the total ETH supply.

BitMine's treasury has expanded to 6.6 billion USD, with potential for increased value if ETH continues to rise. With this asset base, BitMine has surpassed MARA Holdings, which holds 5.9 billion USD BTC.

Invest in the potential of Ethereum

BitMine is also betting on the potential of Ethereum as a financial platform, capable of connecting with capital flows from traditional companies. Currently, Ethereum is widely used for the tokenization of real assets (RWA) and other on-chain experiments.

BitMine has completed one of the largest ETH purchases to date as of August 18, expanding its treasury to 6.6 billion USD. According to Tom Lee, "We still believe that Ethereum is one of the biggest macro trades in the next 10-15 years. The shift of Wall Street and AI to blockchain will lead to a major revolution in the current financial system, and much of it will happen on Ethereum."

Accumulating Assets and Future Strategies

Currently, BitMine is still holding its ETH in the form of available liquidity tokens, but in the future, the company plans to use these assets to generate passive income. The company's ETH reserves are expected to expand to serve key features such as stablecoin and lending.

As of now, BitMine holds 1.52 million ETH, up from the recent milestone of 1.2 million ETH. At the end of July, Cryptopolitan reported that the treasury had surpassed the 2 billion USD mark, and this growth continues at a rapid pace. Currently, the company is one of the most active cryptocurrency buyers, second only to Strategy (MSTR).

BitMine's treasury is also one of the special cases as it can be viewed publicly. A total of 1.17 million ETH is held in public wallets, with new purchase transactions coming from Galaxy Digital and other OTC desks. BitMine actively discloses its ETH purchases, combined with a strong positive message.

Market Position and Growth

BitMine holds the largest position among ETH treasuries, currently holding 3.7 million tokens. However, the treasuries still cannot compare to ETF funds, which currently hold 6.5 million ETH, as well as traditional protocols with significant value that have been locked for many years.

BMNR stock has made a rapid ascent from a small BTC miner to one of the most actively traded companies in the U.S. BMNR stock is currently trading at $55.49, down from a peak of $135 when the treasury was first announced. This stock has remained stable around the average as BitMine announced a series of purchases over a six-week period.

As of August 18, BMNR is in the top 15 most traded stocks in the US, with a volume of 42.43 million USD, right behind MARA. Riot Platforms and TeraWulf are also standout stocks, indicating that the story of mining and treasury continues to attract attention.

BMNR is also actively expanding its treasury compared to its competitor, SharpLink Gaming (SBET). SBET has recovered to 20.52 USD but has stalled as the company has not made any new purchases since August 10.

Mr. Teacher