BitMine Immersion Technologies just announced it’s sitting on over 833,000 Ethereum (ETH), making it the biggest corporate ETH holder globally. This is a big deal, especially considering they started accumulating ETH only 35 days ago!
A Quick Ascent to the Top
BitMine, primarily known for Bitcoin mining, has rapidly amassed its ETH fortune. Their holdings are currently worth over $2.9 billion (based on a price of ~$3,491 per ETH). Chairman Tom Lee described their strategy as incredibly fast, aiming for a significant portion of ETH’s total supply. This aggressive approach has paid off, boosting their stock price and making them a major player in the crypto world.
The ETH Leaderboard
Here’s how the top ETH holders stack up:
- BitMine: Over 833,000 ETH
- SharpLink Gaming: 438,200 ETH
- The Ether Machine: 334,800 ETH
Other significant holders include The Ethereum Foundation, Coinbase, Bit Digital, and BTCS. Interestingly, BitMine’s ETH holdings are only surpassed by two companies – MicroStrategy and MARA Holdings – which are mainly focused on Bitcoin.
Corporations Outpace the Ethereum Foundation
The Ethereum Foundation used to be the undisputed king of ETH holdings. But times are changing. More and more companies are jumping into the ETH game, driven by growing institutional interest. This is evident in the recent news:
- BTC Inc. is planning to raise $2 billion to expand its crypto treasury, including a significant ETH portion.
- The Ether Machine recently added 15,000 ETH to its reserves.
This corporate buying spree is also reflected in the shrinking amount of ETH held on centralized exchanges – it’s at a nine-year low! All this activity is pushing the price of ETH higher. At the time of writing, ETH is trading around $3,648.