Bitmine surpasses 1 million ETH holdings, expanding its issuance limit to 24.5 billion Dollars.

robot
Abstract generation in progress

## ETH Holdings exceed 1 million

On the 12th, Ethereum (ETH) treasury company Bitmine Immersion Technologies announced that it will expand its stock issuance limit for additional ETH purchases to $24.5 billion. This is a significant increase from $4.5 billion on July 9, raising it fivefold.

The company has just expanded to $4.5 billion on July 24, and this latest expansion to $24.5 billion is unprecedented in scale. The raised funds are expected to be used for purchasing Ethereum, as well as for Bitcoin purchases and expanding mining operations.

Bitmine revealed on the 11th that it made additional purchases exceeding 317,000 ETH last week, bringing its total holdings to 1.2 million ETH. It leads the industry as the first publicly listed company to surpass holdings of 1 million ETH. The second place is Sharp Link, which holds approximately 600,000 ETH.

The price of Ethereum has surpassed $4,600 for the first time since 2021. The large-scale accumulation by multiple Ethereum treasury companies imitating Michael Saylor's strategy has been a driving factor in pushing the price up.

Tom Lee, chairman of Bitmain and co-founder of Fundstrat, analyzed during a recent appearance on CNBC that Ethereum has entered the "2017 Bitcoin" phase. He pointed out the possibility of reaching $30,000 based on the approval of stablecoin regulations, the SEC's positive stance towards DeFi, and the expanding use of Ethereum by JP Morgan and Robinhood.

Ethereum (ETH) News - Price

eth icon

Thorough explanation of investment merits and risks

a.t3-set { text-decoration: none !important; }

ETH-2.15%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)