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BitMine surpassed SharpLink in Ethereum reserves.
BitMine has surpassed SharpLink in Ethereum reserves
The mining company BitMine Immersion Technologies has become the largest publicly traded holder of Ethereum. It has 300,657 ETH on its balance sheet, valued at over $1 billion.
BitMine stated that the ultimate goal is to acquire and stake 5% of the total supply of the second largest cryptocurrency by market capitalization.
Such a strategy attracted major investors — Founders Fund of Peter Thiel acquired 9.1% of the miner's shares.
Previously, SharpLink reported holding 280,706 ETH worth about $962 million. Both companies hold more ether than the Ethereum Foundation.
Other public companies are also looking to increase their ETH reserves. GameSquare announced the completion of a stock placement worth about $70 million and stated that most of the proceeds will be used to increase their holdings of the second largest cryptocurrency by market capitalization. The goal is to become one of the largest publicly registered holders of the altcoin.
Recall that the Nasdaq-listed miner Bit Digital will raise $67.3 million to purchase Ethereum.