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BitMine overtakes competition: 2.4 million Ether for 11.4 billion US dollars!
Bitmine now controls 2.4 million ETH and over $ 11 billion in reserves, aims 5% of the Ethereum offer.
BitMine overtakes competition: 2.4 million Ether for 11.4 billion US dollars!
Bitmine has carried out a remarkable expansion in the world of cryptocurrencies in the past few months. According to Crypto News The number of Ether (ETH) tokens held by BitMine now exceeds 2.4 million, representing more than 2% of the total Ethereum supply. This significant accumulation was achieved in less than three months, giving BitMine the title of Ethereum's largest corporate holder.
BitMine's aggressive strategy, which began in August when the company first reported 1% of Ethereum supply, has produced fruitful results. The price of the company's shares rose from about $38 to over $61 during this period. Such developments show the confidence of investors and the optimistic assessment of the market.
Growth and Financial Strength
BitMine has impressive reserves totaling $11.4 billion, which includes Ethereum, Bitcoin and other investments. According to current data, the company holds 68% of the total Ethereum supply, held by 12 tracked entities that own a total of 3,518,818 ETH. The second largest holder, SharpLink, controls 837,230 ETH.
BitMine's strategy aims to control 5% of the total Ethereum supply. This can be explained by the macroeconomic thesis of Tom Lee, the company's chairman. Lee sees current regulatory changes as key to a possible “supercycle” in digital assets. This perspective has not only given BitMine a strategic advantage, but also secured the support of renowned institutional investors such as ARK, Founders Fund, Pantera Capital, Kraken and Galaxy Digital.
Market observations and future plans
Developments in the Ethereum market are both a challenge and an opportunity for BitMine. Increasing control over Ethereum could put the company in a leading position in the digital asset sector. It remains to be seen how market conditions develop and whether BitMine actually achieves its goal of controlling 5% of Ethereum.
Overall, Bitmine positions himself as a central player in the area of cryptocurrencies and remains a company that remains in focus with its growth strategy. The market is eagerly observing how the accumulation continues to develop and what effects it has on the Ethereum market as well as on the company valuation as a whole.