• BitMine Immersion Technologies has reported ether holdings valued at more than $2.9 billion, making it the largest ether treasury company in the world.

• The company intends to acquire up to 5% of the entire supply of ether.

• Investors in the company include Cathie Wood’s ARK Invest and Peter Thiel’s Founders Fund.

BitMine Immersion Technologies on Monday said it is now the largest publicly traded holder of ether (ETH) in the world.

The Las Vegas-based company reported ETH holdings exceeding 833,000 tokens, valued at over $2.9 billion as of Sunday night. The company began its ether treasury strategy in late June, pivoting away from bitcoin mining, and has now become the largest ether holder among publicly disclosed treasuries, according to StrategicETHReserve.xyz, ahead of Sharplink Gaming (SBET) and The Ether Machine (DYNX).

BitMine, which said it ranks third among global crypto treasuries overall, following Strategy (MSTR) and MARA Holdings (MARA), aims to acquire up to 5% of the total ETH supply.

“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH growing our ETH holdings to over 833,000 from zero 35 days ago,” said Fundstrat’s Tom Lee, BitMine’s chairman. “We have separated ourselves among crypto treasury peers by both the velocity of raising crypto NAV per share and by the high liquidity of our stock.”

BitMine said investor Bill Miller III, senior advisor to Miller Value Partners, has taken a “significant stake” in the company. Other investors include Cathie Wood’s ARK Invest and Peter Thiel’s Founders Fund.

BitMine shares were up less than 1% at around $31.50 Monday afternoon after having closed at $4.26 on June 27, the session before it announced its strategy shift. Ether was up about 4.5% on the day at about $3,670.

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