Quick Takeaways
- BitMine’s crypto holdings now total over 2.4 million ETH, making up more than 2% of Ethereum’s supply.
- The company just raised $365.2 million at a 14% premium to fuel more ETH purchases.
- Backed by major investors, BitMine is on a mission to own 5% of all ETH in circulation.
BitMine’s Crypto Holdings Just Got a Lot Bigger
BitMine has been quietly making major moves, and now, it’s officially one of Ethereum’s biggest whales.
As of this week, BitMine’s crypto holdings include over 2.4 million ETH, which adds up to more than 2% of Ethereum’s total circulating supply.
That’s a serious chunk of one of the world’s most valuable cryptocurrencies. The company recently added another 264,378 ETH (worth about $1.1 billion) to its treasury.
With this latest buy, BitMine’s total crypto and cash reserves have jumped to $11.4 billion, according to their Monday update. This puts them ahead of other big-name ETH holders like Joe Lubin’s SharpLink (838K ETH) and The Ether Machine(495K ETH). BitMine is now officially the largest corporate holder of Ethereum.
BitMine’s Crypto Holdings Fueled by New $1.28B War Chest
So how is BitMine buying all this ETH? Simple: they’ve got fresh cash, and lots of it. On Monday, the company raised $365.2 million by selling 5.2 million shares at $70 each, a price that’s 14% higher than their last closing stock price.
That’s a strong sign that investors are bullish on BitMine’s vision. But that’s not all. The deal also came with warrants that, if exercised, could bring in another $913 million, bringing the total potential funding to $1.28 billion.
“This raise is a win for our shareholders,” said Chairman Tom Lee. “The premium shows that institutional investors really believe in our strategy and we’re using the money to buy more ETH.”
The offering is expected to close by September 23, assuming everything clears with regulators.
The Bigger Picture: BitMine Wants 5% of All ETH
If you’re thinking 2% is already a lot, you’re right. But for BitMine, it’s just the beginning.
The company has set its sights on an even more ambitious goal: owning 5% of Ethereum’s total circulating supply.
That would be about 6.04 million ETH, based on current numbers.
This isn’t a solo mission, either. BitMine is backed by some of the biggest names in finance and crypto:
- Ark Invest (Cathie Wood)
- Founders Fund
- Pantera Capital
- Kraken
- Galaxy Digital
- Digital Currency Group (DCG)
They all believe in Ethereum’s long-term value, and in BitMine’s ability to capitalize on it.
According to Tom Lee, BitMine’s stock price is moving in tandem with its ETH accumulation.
“Back in August, we hit 1% of Ethereum’s supply and our stock was trading at $38. Now that we’ve passed 2%, it’s up over $61.”
BitMine vs. Everyone Else in Crypto Treasury Land
Right now, BitMine is the top Ethereum treasury holder in the world. But when it comes to overall crypto holdings, MicroStrategy still holds the crown.
Led by Michael Saylor, MicroStrategy owns 639,835 BTC worth over $72 billion, which equals more than 3% of Bitcoin’s total supply.
For a deeper look at how MicroStrategy plays the Bitcoin game, check out their official BTC strategy page. To see Ethereum’s supply and live market stats, visit The Block’s ETH dashboard.
