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World’s largest corporate ETH treasury just grew by 700% in 16 days!
In a shocking development, BitMine Immersion Technologies has surpassed its initial investment goals by accumulating over $2.1 billion worth of Ethereum (ETH) in just 16 short days. This represents a staggering 700% growth since its initial private placement of $250 million.
As per the latest reports, BitMine now holds an impressive 566,776 ETH tokens acquired at an average price of $3,643.752 per token. The company’s Chairman, Thomas Lee of Fundstrat, has outlined its long-term goal to accumulate and stake 5% of Ethereum’s total supply. CEO Jonathan Bates echoed this commitment, emphasizing the importance of Ethereum in their treasury strategy.
The sudden surge in institutional investment has led to an increase in demand for ETH, resulting in a significant accumulation trend among fresh wallets. Eight newly funded wallets have collectively acquired 540,460 ETH tokens worth approximately $1.99 billion since July 9th. In just 10 hours alone, three of these wallets added another 74,207 ETH, indicating the continued rapid growth.
The timing and coordinated nature of this accumulation suggest that similar players may be moving behind the scenes, laying the groundwork for a new era of concentrated ETH ownership.
Source: ambcrypto.com
