rewrite this title BitMine Immersion aims to stake 5% of Ethereum’s supply as holdings exceed $2 billion

BitMine Immersion Technologies (BMNR) has strengthened its position as Ethereum’s largest publicly traded holder, with its total ETH portfolio now valued at over $2 billion.

In a disclosure on July 24, the company announced that it currently holds 566,776 ETH, acquired at an average price of $3,643 per token.

BitMine’s ETH stash now exceeds the combined holdings of the Ethereum Foundation, the non-profit organization behind the blockchain network, and Coinbase, the largest crypto trading platform in the US.

According to Strategic ETH Reserves data, Bitmine’s holdings now also surpass SharpLink, the second largest Ethereum holder, by over 200,000 ETH.

BitMine’s Chairman, Thomas Lee, stated that the firm remains focused on its long-term objective of acquiring and staking 5% of Ethereum’s total supply.

At present, BitMine controls about 0.46% of ETH in circulation. While the target is ambitious, Lee described it as achievable given the company’s ongoing accumulation strategy.

The firm’s bullish outlook has attracted backing from key institutional investors. One such investor is Ark Invest, led by Cathie Wood, which has committed more than $170 million to BitMine stock.

In a recent social media post, Wood expressed her belief that BitMine is well-positioned to play a leading role in the evolution of DeFi and on-chain capital markets. She noted that digital asset treasury companies like BitMine could become the next generation of asset managers in the blockchain era.

Options trading

In a parallel development, BitMine has also taken a significant step in expanding market access to its shares.

On July 23, the firm announced that its common stock began options trading on the New York Stock Exchange under the ticker symbol “BMNR.” The options listing features standard expiration dates and multiple strike prices, offering investors more flexibility and risk management tools.

According to Lee, this move reflects investor confidence and offers new ways for market participants to gain exposure to the company’s future growth.

According to Google Finance data, BMNR stock surged 7% to $42 after these developments.

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