As cryptocurrencies draw global attention, numerous companies have started accumulating altcoin reserves. Companies that ventured into this early, by June, have already amassed billions of dollars in Ethereum (ETH). Furthermore, as these reserves are reflected in stock market activities, ETH acquisitions bolster share prices.
Bitmine’s Ethereum Reserves
Recently, the company, Bitmine, disclosed its current reserve status, mentioning it holds $456 million in cash, reserved for further acquisitions. Just last week, the company bought an additional 179,251 ETH. Bitmine stands as the largest Ethereum treasury and ranks as the second-largest cryptocurrency reserve entity following Microstrategy.
Bitmine’s Chairman, Tom Lee, shared insights from his time at Token2049 in Singapore, engaging with leaders from the crypto and blockchain industry. The Bitmine team interacted with core Ethereum developers and key ecosystem players, making it evident that the community is gearing up to build the future of Wall Street and artificial intelligence on Ethereum.
Lee believes that, for these reasons, Ethereum’s rapid growth will persist, and it will capture a significant portion of the anticipated $2.8 trillion tokenization market.
Billion-Dollar Reserve Strategy
Standing at a total valuation of $13.4 billion, the company’s shares rank among the most traded in the U.S. Amongst massive corporations, Bitmine shares hold the 28th position with an average volume of $2.5 billion, attracting increasing interest. Their aim? To personally hold 5% of Ethereum’s supply.
With the significance comparable to the end of the gold standard 54 years ago, Lee highlights the impact of the GENIUS Act and other developments. He articulates the shift of traditional finance from Wall Street to Ethereum, predicting the area’s explosive growth within the next 10-15 years.
In the past month, BMNR shares surged by 29% and have increased over 700% in just six months. From $4 in June, these shares rose to $135 by July. Should the reserves continue to grow, similar to MSTR, the company’s shares could potentially see equivalent increases.