BitMine Immersion Technologies announced a major expansion of its Ether (ETH) holdings, bringing them to 3.03 million, representing approximately 2.5% of the total circulating supply, in a strategy aimed at strengthening its position as an influential player on the Ethereum network.
This expansion comes after BitMine purchased 202,037 new ETH during the recent market downturn, according to a press release issued on October 13.
The company’s chairman, Thomas Lee, explained that these investments are part of a strategy aimed at capitalizing on the significant future discount, with a clear vision of reaching 5% of the total Ether currency over the long term.
Lee added that achieving this goal would require purchasing approximately 3 million additional coins, making BitMine one of the largest entities holding ether in the world.
The project benefits from the support of a strong institutional alliance that includes prominent investment firms such as ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital, enhancing the company’s ability to implement its ambitious strategy and consolidate its influence within the Ethereum network.
