BitMine Ups Ethereum Portfolio With 300,657 ETH Purchase

BitMine Immersion Technologies, a Bitcoin-focused technology company, has purchased 300,657 Ethereum (ETH), worth about $1 billion at the current market price of $3,461.89 per ETH. According to the announcement, this significant purchase reflects the company’s belief in Ethereum’s long-term value and the increasing interest from institutions in digital assets. BitMine Focuses on Building an Ethereum Treasury On July 8, BitMine completed a $250 million private placement, which allowed the company to expand its cryptocurrency holdings. With this, the company grows its digital assets without making significant investments in physical assets. Meanwhile, Peter Thiel, a well-known tech billionaire and venture capitalist, has purchased a 9.1% stake in BitMine. This move boosts the company’s credibility and investor confidence. Notably, BitMine is focused on building an Ethereum treasury. This aligns with current market trends that see ETH value for its flexibility and its role in decentralized finance (DeFi) and Web3. BitMine’s decision strengthens the company’s financial position and shows that Ethereum is becoming an essential investment for institutional investors. Ethereum Whales’ Continuous ETH Accumulation As reported by TheCoinRise, the largest Ethereum holders are quietly building their positions. According to a June report, wallets holding between 1,000 and 100,000 ETH have accumulated 1.49 million ETH worth $3.79 billion . This marks a 3.72% increase in their collective holdings, which now total about 41.61 million ETH. While whales continue accumulating, institutional interest in ETH has also increased. Over $528 million entered spot ETH exchange-traded funds some weeks ago. Ethereum futures open interest also surged to $41 billion, a significant show of confidence from traders. As of the time of writing, Ethereum is trading at $3,420.25, a 6% increase in the past 24 hours. Expanding Portfolio in the Crypto Space Recall that Peter Thiel invested $200 million in Bitcoin and Ethereum in 2023 before the bullish run. The Founders Fund leader has been expanding its portfolio to include a diverse range of cryptocurrency startups. Leveraging its expertise and experience in identifying disruptive technologies, the firm has invested in companies like Ondo Finance and Layer N, among others. This diversified approach reflects Peter’s commitment to staying at the forefront of innovation in the crypto space. By backing promising startups across various segments of the industry , the tech billionaire aims to capitalize on emerging trends and technologies. The post BitMine Ups Ethereum Portfolio With 300,657 ETH Purchase appeared first on TheCoinrise.com .

Source: The Coin Rise