The mining company BitMine Immersion Technologies has become the largest public holder of Ethereum. It holds 300,657 ETH valued at over $1 billion.
The firm raised $250 million through a private stock placement but allocated three times that amount to cryptocurrency purchases. The accumulation of Ethereum began in late June.
BitMine stated that the ultimate goal is to acquire and stake 5% of the total supply of the second-largest cryptocurrency by market capitalization.
This strategy attracted major investors, with Peter Thiel’s Founders Fund acquiring a 9.1% stake in the miner.
Earlier, SharpLink reported holding 280,706 ETH, valued at approximately $962 million. Both companies possess more ether than the Ethereum Foundation.
Other public firms are also eager to increase their ETH reserves. GameSquare announced the completion of a $70 million stock offering, stating that most of the proceeds will be used to boost reserves of the second-largest cryptocurrency by market capitalization. The goal is to become one of the largest publicly listed holders of the altcoin.
Back in April, the Nasdaq-listed miner Bit Digital raised $67.3 million for Ethereum purchases.