Peter Thiel-linked Ethereum financial and cryptocurrency mining company BitMine Immersion (ticker BMNR) has started option trading for common shares on the New York Stock Exchange and disclosed plans to acquire 5% of the total Ethereum (ETH) supply.
According to The Block on the 23rd (local time), BitMine Immersion, a company linked to Peter Thiel in Ethereum finance and cryptocurrency mining, has started option trading for common shares on the New York Stock Exchange. The company also revealed plans to acquire 5% of the total ETH supply.
BitMine Chairman Thomas Lee stated, "The option trading on NYSE is a major milestone for BitMine, providing investors with more ways to participate in our continued growth." "This reflects increasing confidence in our vision and supports our ambitious goal of acquiring 5% of the global ETH supply and becoming one of the world's largest Ethereum institutional holders."
The company's stock price has shown a notable increase since BitMine announced its ETH accumulation in June and listing on NYSE American. According to CNBC, the stock has risen over 800%, trading near a high of $135 at the beginning of this month. BMNR is currently trading at around $39.72, down about 1% for the day.
BitMine signed a private placement contract in late June to raise $250 million and shifted its balance sheet strategy from Bitcoin to ETH. According to documents from July 15th, Founders Fund, a venture company linked to billionaire investor Peter Thiel, acquired a 9.1% stake in BitMine, becoming the company's largest shareholder.
On Wednesday, Cathie Wood's ARK Invest acquired 4,773,444 shares of BitMine common stock worth $182 million, which is set to be invested in 100% ETH acquisition.
The company is known to have held over $1 billion in ETH as of July 17th. Previously, the company focused on exclusive Bitcoin mining and hosting services. BitMine is one of the largest corporate ETH holders, including SharpLink (SBET) supported by Joe Lubin and Ether Machine (ETHM) supported by Andrew Keys, announced this week.
According to The Block's data page, ETH is currently trading at around $3,607, down about 2% for the day, but has risen over 160% since its recent low in April. According to Bitwise, ETFs and corporate treasuries have purchased approximately 2.83 million ETH since May, which is 32 times the number of tokens created during the same period.
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