BitMine took advantage of the market downturn by significantly increasing its Ethereum (ETH) holdings.
Fundstrat co-founder Tom Lee’s treasury firm Bitmine bought about $140 million worth of ETH on Tuesday, according to data shared by on-chain analysts. Based on Arkham data, EmberCN and Lookonchain reported that the company acquired a total of 48,049 ETH via FalconX-owned hot wallets. This transaction has not yet been officially confirmed by BitMine.
BitMine announced on Monday that the company, which trades on the NYSE American, holds a total of 3,967,210 ETH. Bought at an average price of $3,074, these assets have a current market value of approximately $11.6 billion. This number makes BitMine one of the world’s largest institutional holders of Ethereum.
The company stands out for its aggressive purchasing strategy throughout the year. Believing that Ethereum will play an ever-increasing role in the global financial system, Bitmine has previously stated a goal of owning 5% of the total ETH supply in circulation over the long term. In the first two weeks of December, despite the market downturn, we accelerated our purchases by purchasing 240,711 ETH.
BitMine CEO Tom Lee asserted that the crypto market is “not here yet,” highlighting positive developments such as legal developments in Washington and increased support from Wall Street. The recent purchase was made when Ethereum fell below $3,000. At the time of writing, ETH was trading at $2,926, while BitMine stock has risen over 551% in the past six months.
*This is not investment advice.