BitMine Immersion Technologies and Bit Digital are both advancing their Ethereum
BitMine has taken a big step in building its Ethereum reserves. The company currently holds around 2.65 million ETH, which is worth more than $11 billion based on current prices.
The company continues to increase its holdings, with its most recent purchase of 234,000 ETH made on September 26. Its long-term target is to own 5% of Ethereum’s total supply.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Non-custodial Wallet: Why Do You Need It Right NOW
Meanwhile, Bit Digital is preparing to raise fresh capital. It has announced plans to generate $100 million through a convertible note offering. There is also a possibility to extend that amount by $15 million if needed.
The money raised is expected to be used to buy more Ethereum and support general business needs. This could include making investments, acquiring other companies, or funding other crypto-related projects.
Bit Digital currently holds over 120,000 ETH. If it completes the planned fundraising and buys more ETH, it may move up one spot in the rankings and pass Coinbase
$1.61B
.
Tom Lee, chairman of BitMine, said that Ethereum’s price is low compared to where it could go in the future. According to Lee, artificial intelligence (AI) and cryptocurrencies are gaining momentum, and they require blockchain platforms that a single party does not control.
Meanwhile, CleanSpark, a company focused on Bitcoin mining, recently arranged a new credit agreement worth $100 million with Coinbase Prime. What did CFO Gary A. Vecchiarelli say? Read the full story.
