Ethereum News Today: BitMine Immersion's $2B ETH Holdings and 5% Staking Goal Fuel 7% Stock Surge

BitMine Immersion Technologies (BMNR) has solidified its position as Ethereum’s largest publicly traded holder, with its ETH portfolio now valued at over $2 billion [1]. The company disclosed on July 24 that it currently holds 566,776 ETH, acquired at an average price of $3,643 per token [1]. This stash surpasses the combined holdings of the Ethereum Foundation and Coinbase, the U.S.’s largest crypto trading platform [1]. Strategic ETH Reserves data further shows BitMine’s holdings exceed those of SharpLink, the second-largest Ethereum holder, by over 200,000 ETH [1].

Chairman Thomas Lee reiterated the firm’s long-term goal of acquiring and staking 5% of Ethereum’s total supply. While the company currently controls 0.46% of circulating ETH, Lee described the target as “achievable” given its ongoing accumulation strategy [1]. Institutional backing has bolstered confidence in the plan, including a $170 million investment from Ark Invest, led by Cathie Wood [1]. Wood recently highlighted BitMine’s potential to become a key player in DeFi and on-chain capital markets, positioning digital asset treasury companies as “the next generation of asset managers” in the blockchain era [1].

In parallel, BitMine expanded market access to its shares by launching options trading on the New York Stock Exchange under the ticker symbol “BMNR” on July 23 [1]. The listing includes standard expiration dates and multiple strike prices, offering investors greater flexibility. Lee noted the move reflects “investor confidence” and provides new tools for exposure to the company’s growth [1]. Following these developments, BMNR stock surged 7% to $42, according to Google Finance data [1].

The firm’s aggressive accumulation strategy underscores its ambition to reshape Ethereum’s staking landscape. With Ethereum’s supply currently at 121 million tokens (as of July 2024), staking 5% would require securing approximately 6 million ETH—a target within reach if BitMine maintains its current pace of acquisition. Analysts have emphasized that such a move could significantly influence Ethereum’s decentralization dynamics, though BitMine has not outlined a timeline for achieving the milestone [1].

BitMine’s expansion into equity options markets and its growing institutional support signal a broader shift in how digital asset treasury firms are perceived. By aligning with bullish institutional investors and leveraging financial instruments, the company aims to bridge traditional capital markets with blockchain innovation [1].

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[1] [BitMine Immersion Aims to Stake 5% of Ethereum’s Supply as Holdings Exceed $2 Billion] (https://cryptoslate.com/bitmine-immersion-aims-to-stake-5-of-ethereums-supply-as-holdings-exceed-2-billion/)