Peter Thiel-Backed BitMine’s Ethereum Treasury Holdings Surpass $1 Billion

BitMine Immersion Technologies, a company backed by tech billionaire and Paypal Co founder Peter Thiel, has announced that its Ethereum (ETH) holdings have surpassed $1 billion. The company’s treasury strategy continues to gain momentum, having recently closed on a $250 million private placement.

BitMine Growing Ethereum Holdings

According to a press release, BitMine holds a total of 300,657 ETH, valued at approximately $1 billion based on the current price of $3,461.89 per ETH. This strategic acquisition was made possible by the recent $250 million private placement closed by the company on July 8th. Post the announcement, Ethereum price rallied over 7% trading at $3,411.

Per the release, BitMine aims to continue growing its Ethereum holdings as part of its asset-light treasury strategy, which focuses on using the volatility of the market to lower the cost of capital and increase the value of its holdings.

“Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value,” said Jonathan Bates, CEO of BitMine. “We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.” The company plans to use a combination of reinvested cash flows, staking yields, and capital market activities to further increase its ETH holdings.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary .


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