%BitMine Immersion Technologies (NYSE: $BMNR) has purchased another 153,000 Ethereum (CRYPTO: $ETH), bringing the value of its holdings in the %Cryptocurrency to $8.1 billion U.S.
Las Vegas-based BitMine, which is run by investor Tom Lee, has a stated goal of owning 5% of the available supply of Ethereum.
The company now owns 1.86 million ETH worth $8.1 billion U.S. In all, BitMine controls 1.5% of the 120.7 million Ethereum supply that’s currently in existence.
BitMine is the largest corporate holder of Ethereum, according to market data.
The company has adopted a crypto treasury plan similar to the company %Strategy (NASDAQ: $MSTR) that is the largest corporate holder of Bitcoin (CRYPTO: $BTC).
BitMine also owns some %Bitcoin (CRYPTO: $BTC). As of Sept. 1 this year, the company held 192 BTC worth $21 million U.S. on its balance sheet.
However, BitMine is betting that Ethereum will outperform Bitcoin over the long-term given that its %Blockchain has more utility and offers faster transaction speeds.
Ethereum has outperformed Bitcoin in recent months, although its price is down 13% since hitting an all-time high of just under $5,000 U.S. in August of this year.
BitMine’s stock has risen 507% this year to trade at $42.49 U.S. per share as investors seek out crypto investment opportunities.
