BitMine's Ethereum Bet Tops $1B as ETH Strategy Accelerates
The firm said in a press release it now holds the equivalent of 300,657 ETH, including 60,000 tokens through in-the-money options backed by $200 million in cash.
BMNR was lower by 1.5% in mid-morning U.S. trade, but remains higher by roughly 10-fold since adopting the ETH strategy.
Bitmine is pursuing a strategy of accumulating ETH and participating in the Ethereum ecosystem. BitMine's leadership said it ultimately seeks to corner 5% of the total ETH supply; That's worth over $20 billion at ETH's current market capitalization.
"We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply," chairman Thomas Lee said in a statement.
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