BitMine Surpasses SharpLink to Become Largest Public Holder of Ethereum

The mining firm BitMine Immersion Technologies has emerged as the largest publicly listed holder of Ethereum, boasting a balance of 300,657 ETH valued at over $1 billion.

The company raised $250 million through a private equity placement but invested three times that amount into cryptocurrency purchases. Their accumulation of Ethereum began in late June.

BitMine stated that their ultimate goal is to acquire and stake 5% of the total supply of the second-largest cryptocurrency by market capitalization.

This strategy has attracted major investors, with Peter Thiel’s Founders Fund acquiring a 9.1% stake in the miner.

Previously, SharpLink announced that it holds 280,706 ETH worth approximately $962 million. Together, these two companies possess a larger quantity of Ether than the Ethereum Foundation.

Other public firms are also looking to boost their ETH reserves. GameSquare has reported the completion of a stock offering generating around $70 million, declaring that a significant portion of these funds will be allocated to increase their holdings of the second-largest cryptocurrency, with the aim of becoming one of the largest publicly registered holders of the altcoin.

Additionally, it is worth noting that Bit Digital, which is listed on Nasdaq, is set to raise $67.3 million for purchasing Ethereum.