Bitmin, a company focused on Ethereum, took advantage of the recent ETH shift below $ 4,000 to considerably extend its assets.
The company revealed on September 29 that it bought more than 200,000 ETH during the week, bringing its total to 2.6 million ETH. This reserve, at current market prices, is estimated at $ 10.9 billion and now represents more than 2% of the circulating supply of Ethereum.
The president of Bitmine Thomas “Tom” Lee, who also directs Fundstrat, explained that the purchasing madness of society reflects a long -term conviction in the role of Ethereum at the intersection of crypto and artificial intelligence.
He described purchases as “the purchase of ETH to a discount on the future”, arguing that the two industries will remain critical innovation engines for decades.
He said:
“We continue to believe that Ethereum is one of the largest macro trades over the next 10 to 15 years. Wall Street and the AI that pass on the blockchain should lead to greater transformation of the financial system today. And the majority of this takes place on Ethereum. ”
Meanwhile, the company’s assessment extends beyond Ethereum.
Bitmine also holds 192 Bitcoin worth around $ 21.5 million and maintains a position of $ 157 million in Highco Holdings, a portfolio classified internally like “Moonshots”. It also reports $ 436 million in cash reserves.
Together, these assets bear the total Bitmine value to $ 11.6 billion.
This aggressive expansion strengthens Bitmin status as the largest Ethereum treasure and the second largest crypto treasure in the world in terms of strategy only (formerly Microstrategy), which contains 639,835 BTC worth around $ 71 billion.
Stocks
The growing Ethereum position of Bitmine resulted in significant stock market activity for the company.
Fondestratrat data show that on September 26, Bitmin ranked 26th among the most negotiated American shares, with an average daily negotiation volume of 2.6 billion dollars. This classifies it to Visa, the payment giant based in the United States, among the 5,704 actions listed in the United States.
Among digital asset cash companies, Bitmin is also one of the most negotiated shares.
The company has revealed that its actions, alongside those of the strategy, represent 84% of the total activity among the 30 main cash companies of digital assets. He added that his shares alone represent 34% of this percentage.
Speaking of these figures, Lee said:
“At Bitmin, we direct our peers as cryptographic treasure at the same time at the speed of the increase in navigation of navigation by action and by the liquidity of high negotiation of our stock.”
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