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Bitmine surpasses 1 million ETH holdings, expanding its issuance limit to 24.5 billion Dollars.
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
Thorough explanation of investment merits and risks
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