Ethereum (ETH) finance company BitMine Immersion Technologies announced today that it purchased an additional 203,800 ETH last week. After the latest purchase, the company’s total ETH holdings now stand at 3.24 million tokens.
BitMine continues to stack Ethereum despite crash
According to a press release issued earlier today, leading Ethereum treasury company BitMine Immersion Technologies has further increased its ETH holdings. The company added another 203,800 ETH, worth about $820 million, last week.
Last week’s purchases increased BitMine’s total ETH holdings to 3.24 million ETH, which is approximately 2.7% of the current circulating supply. In addition, the company holds 192 Bitcoin (BTC) and $219 in cash. The company holds $1.34 billion in cryptocurrencies and cash.
BitMine has established itself as a major public company in terms of ETH held on its balance sheet by frequently purchasing ETH. Earlier this month, the company announced that its total ETH holdings were exceeded 3 million tokens. BitMine Chairman Tom Lee commented:
Last week, the crypto market experienced the largest deleveraging event in history, which put downward pressure on ETH prices. ETH open interest is at the same level as June 30th of this year. Given the expected Ethereum supercycle, this price movement represents an attractive risk/reward. We acquired 203,826 ETH tokens in the past week, bringing our ETH holdings to 3.24 million, or 2.7% of the ETH supply. We are now more than halfway towards our original pursuit of ETH’s “5% Alchemy”.
Lee added that he believes Ethereum is a “truly neutral” blockchain and will see adoption by more and more institutions in the future. He added that Bitmine remains committed to accumulating 5% of Ethereum’s total circulating supply.
Following today’s announcement, the NYSE-listed company’s stock price BMNR soared 7.76%, trading at $53.72 at press time. The stock price has increased an impressive 640.87% over the past six months.
Is ETH destined for new highs?
As institutional adoption of Ethereum increases, analysts predict a new all-time high (ATH) for the second-largest cryptocurrency by market capitalization. According to crypto analyst HAMED_AZ, ETH can: undulation Following a new bullish wave, it rose to $6,400.
Recent trends have even seen some institutional investors using ETH instead of BTC. This is because the latter is more flexible and versatile. Recently, major asset management company Blackrock shifted Convert some of your BTC holdings into ETH.
That being said, some analysts cautious Regarding the trend of Ethereum financial companies adding ETH to their balance sheets. At the time of writing, ETH is trading at $4,019, up 1.2% in the past 24 hours.
Featured image from Unsplash.com, chart from Coingecko, Yahoo! Finance and TradingView.com
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