Bitmine increases Ethereum Stash above $ 8 billion, now has 1.5% of the ETH supply

Bitmine Immersion Technologies recently bought 153,000 Ethereum, taking a step of $ 655 million towards its objective of having 5% of the asset supply, according to a Press release.

The Las Vegas firm now has approximately 1.86 million Ethereum worth $ 8.1 billion. The company, which began its Ethereum treasury strategy at the end of June, currently has 1.5% of the 120.7 million Ethereum in existence, according to the Coingcko cryptographic data provider.

Bitmine is Ethereum’s largest owner, according to Ethereum Strategic Reserve. The company has more Ethereum than the combined holdings of the Treasure companies of Ethereum Sharplink Gaming and the Ether Machine, as well as the Non -Profit Ethereum Foundation.

In a video shared on Monday, the co -founder of Fundstrat, Tom Lee, who serves as president of Bitmine’s Board, said Ethereum is in the midst of having a “moment of 1971”. That year, the United States government moved away from the gold standard, making the green back “synthetic,” he said.

Innovation in financial services rumbled after the gold standard was abandoned, with the advent of money market funds and debit cards that have notable examples, Lee said.

The next decade could be marked by the adoption of stablecoins and tokenized actions, he added, with the passage of this summer of the Genius Law focused on stablecoin Driving adoption in the chain. As artificial intelligence systems become more sophisticated, AI could also build in the block chain, read.

“In 2025, as the true word becomes digital, it will be natural to say: ‘I want to find a digital value store’, and that is Bitcoin,” Lee said. “But it will create a market for digital assets, and we believe that the winner there is Ethereum. In fact, Wall Street is building here.”

Bitmine has some bitcoin, in addition to the second largest cryptocurrency for market capitalization. Until Monday, Bitmine owned 192 Bitcoin worth $ 21 million.

The price of Bitmine shares fell 3.5% to $ 42.11 on Monday, according to Yahoo Finance. Meanwhile, Ethereum fell to $ 4,300, showing a 0.5% decrease during the same period. ETH has decreased approximately 13% since it reached a high historical price Little less than $ 5,000 End of last month.

Bitcoin has surpassed Ethereum for years, but during the cryptographic boom of the pandemic era, both cryptocurrencies were widely popular. On the best day of Ethereum in relation to Bitcoin in November 2021, 1 Ethereum could be exchanged for approximately 0.085 bitcoin, according to TrainingView.

Until now, that relationship has recovered from a minimum of several years of 0.018 in April. The ratio stood at 0.038 on Monday, which is still below an average of 8 years of 0.047, Lee said. Assuming that the price of Bitcoin reaches $ 250,000, Ethereum would be worth $ 12,000, if that average of 8 years is true.

“Not only Ethereum must be recovered to the long -term average, it should probably reach the high relationship of all time, and possibly overcome it, since we begin to talk about Ethereum as the chain so that both Wall Street build their financial rails and the financial system, as well as the AI,” Lee said.