BitMine Surpasses SharpLink as The Largest Public Holder of Ethereum

Mining company BitMine Immersion Technologies has become the largest public holder of Ethereum, boasting 300,657 ETH valued at over $1 billion.

The firm raised $250 million through a private share placement but allocated three times that amount for cryptocurrency acquisitions. The accumulation of Ethereum commenced at the end of June.

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

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

Previously, SharpLink reported possessing 280,706 ETH, worth approximately $962 million. Together, both companies hold significantly more Ether than the Ethereum Foundation.

Other public firms are also keen to increase their ETH reserves. GameSquare announced the completion of a stock offering worth around $70 million, stating that the majority of the raised funds will be utilized to boost their stock of the second-largest cryptocurrency. Their aim is to become one of the largest publicly listed holders of this altcoin.

Additionally, it’s worth noting that Nasdaq-listed miner Bit Digital is set to raise $67.3 million to purchase Ethereum.