BitMine, a publicly traded company, is making huge waves in the crypto world. They’ve just become the second-largest crypto treasury globally, holding a jaw-dropping $6.6 billion worth of Ethereum (ETH). That’s over 1.52 million ETH tokens – a whopping 1.26% of all the ETH out there!
The Ethereum King
This isn’t just a big number; it’s a statement. BitMine’s strategy is all about aggressively buying up ETH, aiming to own a massive 5% of the total supply eventually. They’re already a quarter of the way there! This bold move shows other companies and investors that Ethereum is more than just a cryptocurrency; it’s a strategic asset. BitMine is now the biggest corporate holder of Ethereum, surpassing even Sharplink Gaming, The Ether Machine, and the Ethereum Foundation combined.
Outpacing the Competition
BitMine’s success highlights a shift in how institutions view crypto. While Michael Saylor’s company still leads overall with its massive Bitcoin holdings, BitMine’s Ethereum focus shows a growing confidence in ETH’s future. This isn’t just about smart contracts anymore; Ethereum is becoming a core reserve asset for major players.
Ethereum’s Price: A Short-Term Dip?
Currently, ETH is trading around $4,310 after a slight dip from its recent high. While there’s some short-term price consolidation, the long-term picture looks bullish. Key support levels are holding strong, suggesting a potential rebound towards $4,600–$4,800. However, a drop below current support could lead to a deeper correction. The next few trading sessions will be crucial for determining the next price movement.