Ethereum (ETH) treasury company BitMine Immersion Technologies announced today that it purchased an additional 203,800 ETH last week. Following its latest purchase, the company’s total ETH holdings now stand at 3.24 million tokens.
BitMine continues to stack Ethereum despite the crash
According to a press release issued earlier today, BitMine Immersion Technologies, one of Ethereum’s leading treasury companies, has further increased its ETH holdings. The company added another 203,800 ETH over the past week, worth approximately $820 million.
Last week’s purchase brought BitMine’s total ETH holdings to 3.24 million ETH, representing approximately 2.7% of active circulating supply. Additionally, the company holds 192 Bitcoin (BTC) and $219 in cash. The company has $1.34 billion in combined crypto and cash holdings.
BitMine’s frequent purchases of ETH have propelled it as the leading public company in terms of ETH held on its balance sheet. Earlier this month, the company announced that its total ETH holdings had exceeds 3 million tokens. Commenting, Tom Lee, President of BitMine, said:
The crypto market experienced one of its largest deleveraging events last week, which put downward pressure on ETH prices. Open interest in ETH is at the same levels seen on June 30 of this year. Given the expected supercycle for Ethereum, this price dislocation represents an attractive risk/reward ratio. We acquired 203,826 ETH tokens over the past week, bringing our ETH holdings to 3.24 million, or 2.7% of the ETH supply. We are now more than halfway through our initial quest for the “5% alchemy” of ETH.
Lee added that he sees Ethereum as a “truly neutral” blockchain that is likely to see growing institutional adoption. He added that BitMine remains committed to accumulating 5% of Ethereum’s total circulating supply.
Following today’s announcement, the NYSE-listed company’s BMNR stock jumped 7.76%, trading at $53.72 at the time of writing. The stock is up 640.87% over the past six months.
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 capitalization. According to crypto analyst HAMED_AZ, ETH can overvoltage to $6,400 following a new bullish wave.
Recent trends show that some institutional investors are even replacing BTC with ETH, due to the latter’s greater flexibility and variety of uses. Major asset manager, BlackRock recently offbeat some of its BTC holdings in ETH.
That said, some analysts careful of the trend of Ethereum treasury companies adding ETH to their balance sheets. At press time, ETH is trading at $4,019, up 1.2% in the last 24 hours.
Featured image from Unsplash.com, graphics from Coingecko, Yahoo! Finance and TradingView.com
Editorial process as Bitcoinist focuses on providing thoroughly researched, accurate and unbiased content. We follow strict sourcing standards and every page undergoes careful review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance and value of our content to our readers.
