BitMine Immersion, backed by Peter Thiel, has announced it now holds over $1 billion in Ethereum, acquiring an additional $500 million worth this week. The New York Stock Exchange-listed firm has reached a total of 300,657 ETH, shifting its focus from Bitcoin mining to creating an ETH treasury strategy just a month ago. BitMine's CEO, Jonathan Bates, expressed strong confidence in Ethereum's future value. In addition, 60,000 ETH, valued at about $200 million, are held through in-the-money options, which could enhance their profitability if exercised. The company's shares have experienced significant volatility since this announcement, increasing over 800% in a month despite a recent daily decline. BitMine aims to stake 5% of the total ETH supply, joining a growing trend of firms building substantial ETH treasuries. Alongside BitMine, SharpLink Gaming notably acquired $225 million worth of Ethereum earlier this month as institutional interest in the cryptocurrency continues to rise.

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