Ethereum (ETH) treasury company BitMine Immersion Technologies announced today that it purchased an additional 203,800 ETH last week. After the recent purchase, the company's total ETH holdings now stand at 3.24 million tokens.
BitMine Continues to Pile Ethereum Despite Crash
Leading Ethereum treasury company BitMine Immersion Technologies has further increased its ETH holdings, according to a press release issued this morning. The company added 203,800 ETH last week, worth about $820 million.
Last week's purchases brought BitMine's total ETH holdings to 3.24 million ETH, equivalent to approximately 2.7% of the active circulating supply. Additionally, the company holds 192 Bitcoin (BTC) and $219 in cash. The company holds $1.34 billion in combined cryptocurrency and cash.
BitMine has grown into a leading public company in terms of ETH held on its balance sheet due to its frequent ETH purchases. Earlier this month, the company announced that its total ETH holdings were surpassed 3 million tokens. BitMine Chairman Tom Lee said:
Cryptocurrency markets saw one of the largest deleveraging events in history last week, which put downward pressure on the price of ETH. ETH open interest is at the same level as on June 30 of this year. Considering Ethereum’s expected supercycle, these price movements represent an attractive risk/reward. Over the past week, we have acquired 203,826 ETH tokens, bringing our ETH holdings to 3.24 million, or 2.7% of the ETH supply. We are now more than halfway through ETH’s initial pursuit of the ‘5% alchemy’.
Lee added that he sees Ethereum as a “truly neutral” blockchain with the potential to see increased institutional adoption. He added that BitMine continues to work towards accumulating 5% of Ethereum's total circulating supply.
Following today's announcement, the NYSE-listed company's stock BMNR has surged a whopping 7.76%, trading at $53.72 at the time of writing. The stock has risen a whopping 640.87% in the past six months.
Is ETH heading for new highs?
As institutional adoption of Ethereum grows, analysts are predicting a new all-time high (ATH) for the second-largest cryptocurrency by market capitalization. According to cryptocurrency analyst HAMED_AZ, ETH is soar Thanks to a new wave of strength, it rose to $6,400.
Recent trends suggest that some institutional investors are replacing BTC with ETH because of BTC's flexibility and wider range of uses. Recently, large asset management company BlackRock movement Send some of your BTC holdings to ETH.
That said, some analysts are: circumspect There is a trend of Ethereum treasury companies adding ETH to their balance sheets. At press time, ETH is trading at $4,019, up 1.2% over the last 24 hours.
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