Ethereum-Holding Company Turns the Drop into an Opportunity! Bought Millions of Dollars Worth of Ethereum! Here Are the Details
BitMine capitalized on the market downturn by significantly increasing its Ethereum (ETH) holdings.
According to data shared by on-chain analysts, BitMine, a treasury company led by Fundstrat co-founder Tom Lee, purchased approximately $140 million worth of ETH on Tuesday. Based on Arkham data, EmberCN and Lookonchain reported that the company acquired a total of 48,049 ETH via a FalconX-owned hot wallet. This transaction has not yet been officially confirmed by BitMine.
BitMine announced on Monday that the company, which is traded on the NYSE American, holds a total of 3,967,210 ETH. Purchased at an average price of $3,074, these assets have a current market value of approximately $11.6 billion. This figure makes BitMine one of the largest institutional Ethereum holders in the world.
The company stands out with its aggressive buying strategy throughout the year. Believing that Ethereum’s role in the global financial system will increasingly grow, BitMine had previously stated its goal of holding 5% of the total circulating ETH supply in the long term. In the first two weeks of December, despite market weakness, it accelerated its purchases by buying 240,711 ETH.
BitMine CEO Tom Lee argued that the cryptocurrency markets are “not yet here,” highlighting positive developments such as legal progress in Washington and increasing support from Wall Street. The recent purchase came at a time when Ethereum had fallen below $3,000. At the time of writing, ETH was trading at $2,926, while BitMine shares have gained over 551% in the last six months.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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