While altcoins are also prominent in institutional acceptance after Bitcoin, Ethereum (ETH) is leading in this regard. While Ethereum accumulation has also increased after BTC recently, the last move at this point came from Bitcoin miner BitMine Immersion Technologies.
According to official statements, US-based Bitcoin mining company BitMine announced that it has made Ethereum the primary reserve asset.
At this point, BitMine stated that it has gone to the capital increase path and will raise $250 million and will purchase Ethereum.
The company also added that Tom Lee, a well-known Wall Street analyst, has been elected chairman of the board.
The company stated that the capital increase was carried out under the leadership of MOZAYYX with the participation of a high-level investor group including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG and Thomas Lee.
Stablecoins are the “ChatGPT” of cryptocurrencies, said BitMine President Thomas Lee, adding that he expects Ethereum to follow suit.
“Ethereum is the blockchain on which most stablecoin payments are made, so ETH should benefit from this growth,” Lee said.
Tom Lee stated that BitMine will follow a strategy similar to MicroStrategy’s “BTC Yield” measure of Bitcoin per share. The company added that it will monitor the value of ETH held per share of the company as a key performance metric.
BitMine’s move comes after SharpLink Gaming’s ETH moves, which is on its way to becoming Etheruem’s MicroStrategy. With its recent ETH purchases, SharpLink Gaming has become the world’s largest public ETH holder.
*This is not investment advice.
