Ethereum's Big Player: BitMine's Massive Crypto Bet

BitMine Immersion Technologies has made a huge move in the crypto world. They just bought 153, 000 Ethereum coins. Now, they own about 1. 5% of all Ethereum out there. That's a lot! Their Ethereum stash is worth over $8 billion. They started buying Ethereum back in June. Now, they have 1. 86 million coins. BitMine is now the biggest company holding Ethereum. They have more than other big firms like SharpLink Gaming and The Ether Machine. Even more than the Ethereum Foundation, which is a non-profit group. Tom Lee, who is on BitMine's board, thinks Ethereum is having a big moment. He compares it to 1971 when the U. S. stopped using the gold standard. He believes this change could lead to more innovation in finance. Things like stablecoins and tokenized stocks could become more popular. He also thinks AI could use blockchain technology in the future. BitMine also owns some Bitcoin. As of Monday, they had 192 Bitcoin worth $21 million. But their stock price fell a bit on Monday. Ethereum's price also dropped a little. It's down about 13% from its highest price last month. Bitcoin has been doing better than Ethereum for a while. But during the pandemic, both did well. At one point, you could get almost 0. 085 Bitcoin for 1 Ethereum. That number dropped to 0. 018 in April but has since gone up to 0. 038. The average over 8 years is 0. 047. If Bitcoin reaches $250, 000, Ethereum could be worth $12, 000 if it goes back to the average. Tom Lee thinks Ethereum could do even better. He believes it could reach its old high ratio and maybe even go higher. He sees Ethereum as a big player for Wall Street and AI in the future.