BitMine Announces Ethereum Holdings Exceeding 833,000, Backed by Legendary Investor Bill Miller

Announcement by BitMine Immersion Technologies

BitMine Immersion Technologies (stock code: BMNR), a cryptocurrency finance company led by renowned analyst and co-founder of the investment research firm Fundstrat, Thomas “Tom” Lee, announced on Monday that its holdings of Ethereum (ETH) have surpassed $2.9 billion. As of August 3, the company’s Ethereum holdings have reached 833,137 coins, making BitMine the largest Ethereum finance company in the world.

Shift in Business Focus

Originally focused on Bitcoin (BTC) mining, BitMine announced in June this year that it would conduct a private placement to initiate its Ethereum finance strategy, with Tom Lee serving as chairman. The performance evaluation goal is to enhance the per-share Ethereum holdings through various methods, including: reinvestment of company cash flow, capital market operations (including utilizing market volatility to reduce capital costs), generating income through staking, and fluctuations in ETH value.

New Investment Partnerships

At the same time, BitMine announced that legendary investor and senior advisor at investment firm Miller Value Partners, Bill Miller III, has become one of its primary investors, joining institutional investors such as Cathie Wood, founder of ARK Invest, MOZAYYX, Silicon Valley mogul Peter Thiel’s Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, “jointly supporting BitMine’s goal of acquiring 5% of ETH.”

Market Position

Bill Miller stated:

According to data from strategicethreserve.xyz, BitMine currently holds the most Ethereum of any publicly traded company, with SharpLink Gaming, led by Ethereum co-founder Joe Lubin, coming in second with holdings of 438,000 coins.