Peter Thiel-Backed BitMine’s Ethereum Treasury Holdings Surpass $1 Billion

BitMine Immersion Technologies, a company backed by tech billionaire and PayPal co-founder Peter Thiel, has announced that its ETH holdings have surpassed $1 billion. The company’s Ethereum treasury continues to gain momentum, having recently closed on a $250 million private placement.

BitMine’s Ethereum Treasury Hits Milestone

According to a press release, BitMine holds a total of 300,657 ETH, valued at approximately $1 billion based on the current price of $3,461.89 per ETH. This strategic acquisition was made possible by the recent $250 million private placement closed by the company on July 8th.

This comes as the Ethereum price hits a five-month high of around $3,400, thanks to factors such as massive accumulation from whales like BitMine. The release noted that the company aims to continue growing its Ethereum holdings as part of its asset-light treasury strategy, which focuses on using the volatility of the market to lower the cost of capital and increase the value of its holdings.

“Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value,” said Jonathan Bates, CEO of BitMine. “We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.”

The company plans to use a combination of reinvested cash flows, staking yields, and capital market activities to increase its ETH holdings further. Billionaire Peter Thiel believes in this strategy as he has acquired a 9.1% stake in the Ethereum treasury company.

GameSquare Also Expands ETH Strategy

In addition to BitMine, GameSquare Holdings is also making moves in the Ethereum market. The company has announced the pricing of its public offering of 46,666,667 shares at $1.50 each, raising about $70 million.

The company will use these funds to increase its Ethereum holdings as part of an ambitious treasury strategy to generate on-chain yields through decentralized finance (DeFi) protocols and Ethereum ecosystem assets.

Justin Kenna, GameSquare CEO, stated that the company aims to develop a treasury strategy that will transform its traditional treasury operations into a high-performance business unit. With the help of Dialectic, the Swiss firm that invests via crypto, GameSquare will utilize its Ethereum assets in a manner that allows it to achieve returns as high as 8-14% on its holdings.

Simultaneously, other corporations are also buying Ethereum, including SharpLink Gaming, which purchased 74,656 ETH between July 7 and 13. Similar to BitMine, these companies are attempting to develop ETH-centered treasury solutions, which they believe will yield significant returns in the long run.