Institutions Continue to Buy Ethereum (ETH)! Here’s the Company That Turned Recent Downward Movements Into Opportunity!
BitMine Immersion Technologies has added 104,336 ETH (approximately $417 million) worth of Ethereum to its corporate treasury, according to a report by crypto data provider Lookonchain, citing Arkham data.
BitMine Adds $417 Million Worth of Ethereum to Treasury During Market Downturn
The transactions were sent to three new addresses via seven transfers from Kraken and BitGo wallets. While BitMine hasn’t officially announced the transaction, on-chain data suggests the transaction is linked to addresses belonging to the company.
As of the latest update, BitMine’s total Ethereum holdings stand at 3.03 million ETH. This amount is worth approximately $12.2 billion, making it the world’s largest Ethereum treasure and the second-largest crypto treasure holder after Michael Saylor’s Strategy.
BitMine, led by Fundstrat co-founder Tom Lee, is pursuing a goal of accumulating 5% of Ethereum’s total supply. The company states that it is committed to supporting Ethereum’s role in global financial services.
This latest purchase from BitMine comes amid a broader market decline. Ethereum (ETH) has fallen 8.7% over the past seven days to $4,028, trading 18.5% below its all-time high of $4,946.
While the crypto market remains weak following the largest wave of liquidations in its history last weekend, analysts emphasize that long-term fundamentals remain strong. “The investors being liquidated were already crypto believers; they won’t be leaving the market,” said Wincent Director Paul Howard.
*This is not investment advice.
