DeutschBitMine invests another $88 million in Ethereum. The company disclosed all assets, which together exceed a market value of $13 billion. Ethereum holds the most important position. Over the last six months, the Bitcoin miner invested $11.9 billion in ETH.
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BitMine Invests $88M: Here’s Why They’re Betting on Ethereum
BitMine Immersion (BMNR) recently invested another $88 million in Ethereum, according to Lookonchain, citing blockchain data. The capital enabled them to acquire another 29,462 Ether on BitGo and Kraken.
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The US-American Bitcoin miner only started its Ethereum strategy in June. Instead of BTC, the company is focusing long-term on the largest smart contract platform, which is also the second-largest cryptocurrency.
Because of Ethereum’s programmability, BitMine CEO Tom Lee sees enormous potential in the digital asset. Lee conceived the extensive investments, which resemble a concept by software developer Strategy.
Under the leadership of Michael Saylor, Strategy has been acquiring as much Bitcoin as possible since 2020 to establish itself as a key financial player through asset management in the long term. Companies whose investments are dominated by cryptocurrencies are referred to as DATs (Digital Asset Treasuries).
Because Ethereum is programmable and has its own programming language with Solidity, BitMine CEO Tom Lee prefers to focus on the second-largest cryptocurrency. A significant financial revolution will take place through it, says the US-American.
The AI industry and the financial industry will be two key industries to enter the blockchain. According to Lee, they would not be able to find a home on Bitcoin due to the lack of programmability and would instead have to choose ETH.
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Here’s How Much ETH the Largest Treasury Holds
BitMine is by far the largest Ethereum treasury. At the time of writing, the DAT holds 4.066 million Ether with a market value of $11.9 billion. SharpLink follows in second place with 860,000 ETH.
A look at the purchase history reveals how immensely BitMine’s acquisition is progressing. The company acquired all ETH in just six months. Over the last 30 days, 436,361 coins were acquired. BitMine would already land in fourth place among all Ethereum treasuries with this fortune alone.
Ethereum has a circulating supply of 120 million coins. More than three percent of it is already under the control of the Bitcoin miner. They want to expand their portfolio to five percent.
BitMine Immersion recently published which assets are specifically held. In total, the company has assets with a market value of $13.2 billion.
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Ethereum takes the most important position with its volume of $11.9 billion. Another billion is available in the form of the fiat currency US dollar. In addition, there are 193 Bitcoin worth 14 million US dollars and shares in another DAT called Eightco Holdings (ORBS) worth 32 million US dollars.
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