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ethereum

Ethereum Whale BitMine Buys 203,800 ETH – Now Holds 2.7% Of Circulating Supply

Ash Tiwari
by Ash Tiwari
37 minutes ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum (ETH) treasury firm BitMine Immersion Technologies today announced that it had bought another 203,800 ETH last week. Following its latest purchase, the firm’s total ETH holdings now stand 3.24 million tokens.

BitMine Continues To Stack Ethereum Despite Crash 

According to a press release issued earlier today, BitMine Immersion Technologies, a leading Ethereum treasury firm has further increased its ETH holdings. The firm added another 203,800 ETH over the last week, worth approximately $820 million.

Related Reading: Coinbase Rolls Out Ethereum, Solana Staking To New York Users After Approval

Last week’s purchase has increased BitMine’s total ETH holdings to 3.24 million ETH, representing roughly 2.7% of the active circulating supply. In addition, the company holds 192 Bitcoin (BTC) and $219 in cash. The firm has $1.34 billion in combined crypto and cash holdings.

BitMine’s frequent ETH purchases have propelled it as the leading public company in terms of ETH held on its balance sheet. Earlier this month, the firm had reported that its total ETH holdings had surpassed 3 million tokens. Commenting, Tom Lee, Chairman of BitMine said:

The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices. Open interest for ETH sits at the same levels as seen on June 30th of this year. Given the expected Supercycle for ethereum, this price dislocation represents an attractive risk/reward.  We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.

Lee added that he sees Ethereum as a “truly neutral” blockchain which is likely to witness growing institutional adoption. He added that BitMine remains committed to accumulating 5% of Ethereum’s total circulating supply.

coingecko
Source: Coingecko

Following today’s announcement, the NYSE-listed firm’s stock BMNR surged an impressive 7.76%, trading at $53.72 at the time of writing. The stock is up an astonishing 640.87% over the past six months.

yahoo!
Source: Yahoo! Finance

Is ETH Destined For A New High?

As institutional adoption of Ethereum grows, analysts are predicting new all-time highs (ATH) for the second-largest cryptocurrency by market cap. According to crypto analyst HAMED_AZ, ETH can surge to $6,400 on the back of a new bullish wave.

Related Reading: Ethereum Investor SharpLink Raises $76.5M At Market Premium – More ETH Purchases Ahead?

Recent trends show that some institutional investors are even replacing BTC with ETH, due to the latter’s greater flexibility and wider variety of uses. Major asset manager, BlackRock recently shifted some of its BTC holdings to ETH.

That said, some analysts are cautious of the trend of Ethereum treasury firms adding ETH on their balance sheets. At press time, ETH trades at $4,019, up 1.2% in the past 24 hours.

ethereum
Ethereum trades at $4,019 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, charts from Coingecko, Yahoo! Finance and TradingView.com
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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