BitMine Becomes the World’s Largest Ethereum Holder with $6.612 Billion ETH Portfolio

BitMine Immersion Technologies, a publicly listed entity, has made headlines as it disclosed its cryptocurrency portfolio valuation exceeding $6.612 billion. As per the latest data on August 17, the firm reportedly owns 1,523,373 ETH (valued at $4,326 each) along with 192 BTC. Tom Lee, the Chairman of BitMine and a prominent analyst at Fundstrat, noted a remarkable surge in their ETH exposure, claiming an increase of $1.7 billion in just one week, bolstering their ‘5% Ethereum Strategy’. This aggressive accumulation, as evidenced by the rise from 1.15 million to 1.523 million ETH, underscores the robust backing from institutional investors. BitMine has now positioned itself as the largest institution holding Ethereum and the second largest in cryptocurrency holdings overall, trailing only behind Strategy Inc (MSTR), with a substantial 628,900 BTC worth roughly $74 billion.