Bitmain’s Ethereum Holdings Surpass 2% of Total Supply
Bitmain reports holding over 2.65 million ETH, valued at $11.6 billion, becoming the largest Ethereum holder and the second-largest in total cryptocurrency holdings.
Bitmain has revealed its Ethereum holdings have reached 2.65 million ETH, valued at approximately $11.6 billion, representing more than 2% of the total ETH supply. The company's total assets, including BTC, equities, and cash, amount to $11.6 billion. With this, Bitmain is now the largest holder of Ethereum, surpassing SharpLink Gaming's holdings. The firm aims to acquire 5% of Ethereum's total supply as part of its long-term strategy, which it calls the 'alchemy of 5%'. This move follows a 200,000 ETH increase in its holdings. Additionally, Chainlink is piloting blockchain and AI technologies with 24 financial institutions to improve corporate action processing, potentially reducing annual costs of $58 billion.
- Ethereum (ETH): A decentralized blockchain platform with smart contract functionality and its native cryptocurrency, Ether.
- Treasury Holdings: Digital assets or cryptocurrencies held by a company as part of its balance sheet or investment strategy.
- Supercycle: An extended period of sustained growth driven by powerful macroeconomic or technological trends, often lasting decades.