In the cryptocurrency market, institutional investors are increasingly deepening their strategic layout in Ethereum (ETH). Recently, BitMine Immersion Technologies (BMNR) announced that its Ethereum holdings have increased to 833,137 ETH, valued at approximately $3 billion, further solidifying its position as the largest publicly traded ETH reserve tool. Behind this remarkable achievement is not only BitMine's ambitious "5% alchemy" plan but also the significant backing from well-known investors like Cathie Wood's ARK Invest, indicating that Ethereum's strategic position in institutional asset allocation is continuously rising.
- BitMine's Ethereum reserves surpass 830,000 ETH: Achieving whale status from zero in 35 days
BitMine Immersion Technologies (BMNR) announced on Monday that its Ethereum (ETH) inventory has grown to 833,137 ETH, valued at approximately $3 billion.
Lightning speed: Thomas Lee, Chairman of BitMine's Board and Fundstrat, stated, "BitMine is chasing ETH's '5% alchemy' at lightning speed. Just 35 days ago, our ETH holdings grew from zero to over 833,000."
"5% alchemy": The company launched an ETH reserve through a $250 million private placement and achieved this milestone in about a month. Subsequently, the company announced a $1 billion stock buyback plan, which includes acquiring 5% of the total ETH supply, referred to as "5% alchemy."
Largest publicly traded ETH reserve tool: This achievement further consolidates BitMine's leading position as the largest publicly traded ETH reserve tool, expanding its lead over other ETH funding companies like SharpLink and The Ether Machine.
- Wall Street giants' strategic backing: ARK Invest and Bill Miller's vision
BitMine's rapid rise is closely tied to strategic investments from Wall Street giants.
ARK Invest's backing: Cathie Wood's ARK Invest stated in a post on X on Monday that it holds over 4 million shares of BMNR stock through the ARK Innovation ETF (ARKK), valued at approximately $140 million.
Bill Miller's favor: Bill Miller, founder and senior advisor of Miller Value Partners, revealed that the firm is one of the largest investors in BitMine stock. Miller was also an early investor in Strategy (formerly MicroStrategy) when CEO Michael Saylor shifted to a Bitcoin asset management model. He indicated that BitMine might follow suit, especially after "the company initiated ETH staking."
Peter Thiel's Founders Fund: Peter Thiel's Founders Fund also disclosed in July that it holds 9.1% of BitMine's shares.
The entry of these well-known investors not only brings strong financial support to BitMine but also provides endorsement for its strategic layout in the cryptocurrency market.
- Collective influx of ETH funding vehicles: Accelerating the institutionalization of Ethereum
In addition to BitMine, several publicly listed companies have increased their ETH holdings over the past month, indicating an acceleration in Ethereum's institutionalization process.
Other ETH whales: This includes SharpLink Gaming (SBET) holding 498,000 ETH, The Ether Machine holding 334,000 ETH, and Bit Digital (BTBT) holding 120,000 ETH.
Total holdings nearing 2 million ETH: The total holdings of these ETH funding vehicles are slightly below the 2 million ETH mark.
"Per share ETH" value enhancement: These companies have announced plans to increase the per-share ETH value for shareholders through stock issuance and ETH staking.
- BitMine's future outlook: Staking and "per share crypto asset net value"
Thomas Lee, Chairman of BitMine's Board, emphasized that BitMine stands out among cryptocurrency asset management peers due to the rapid growth of "per share crypto asset net value (NAV)" and high stock liquidity.
Staking returns: Miller indicated that BitMine might emulate Strategy's approach, especially after "the company initiated ETH staking." The staking returns from Ethereum provide additional value growth potential for these ETH reserve companies.
Stock performance: BitMine's stock price rose 3% on Monday (August 4), closing at $32.7.
Conclusion:
BitMine's Ethereum inventory has surpassed 830,000 ETH, receiving significant backing from Wall Street giants like ARK Invest, marking a continuous rise in Ethereum's strategic position in institutional asset allocation. The trend of collective influx from ETH funding vehicles suggests that Ethereum's institutionalization process is accelerating. As more institutional investors incorporate Ethereum into their balance sheets and actively explore staking and other revenue models, Ethereum is expected to play an increasingly core role in the future cryptocurrency market.
Related news: SharpLink repurchased $54 million worth of Ethereum (ETH), currently holding a value of $1.65 billion.
Original article: “BitMine's Ethereum holdings surpass 830,000 ETH, ARK Invest becomes a major shareholder”
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