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Who controls Ethereum now? BitMine’s $1b ETH holdings surpass Vitalik’s foundation
BitMine now holds 300,657 ETH worth $1 billion, eclipsing the Ethereum Foundation’s $665 million holdings. This corporate accumulation raises new questions about influence over Ethereum’s future direction.
On July 17, BitMine Immersion announced that its Ethereum holdings had surpassed $1 billion, more than triple the $250 million it raised in a private placement just a week earlier
The Nevada-based company disclosed a total of 300,657 ETH on its books, overtaking the Ethereum Foundation’s treasury balance, which stood at approximately $665 million as of July 15, according to Arkham Intelligence.
The milestone, which BitMine reached by leaning into its new capital markets strategy, cements its place as the largest publicly traded corporate holder of Ethereum and marks a dramatic turn from its origins as a Bitcoin mining operation 3 replies
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