BitMine adds 48,049 ETH, strengthening its ETH holdings

BitMine Immersion Technologies, the NYSE-listed treasury firm co-founded by Fundstrat’s Tom Lee, has added approximately 48,049 ETH (approximately $140 million) to its corporate holdings as prices weaken across the crypto market.

This news was initially reported by Onchain analysts EmberCN and Lookonchain, who alerted users that BitMine had made the purchase from a hot wallet on FalconX, citing data from Arkham. 

BitMine demonstrates a strong commitment to increasing its  ETH holdings

In an official statement, BitMine revealed that the firm, listed on the NYSE American stock exchange under the ticker symbol BMNR, currently holds approximately 3,967,210 Ethereum at an average price of around $3,074 per Ether. This figure boosts the total value of their treasury to approximately $11.6 billion, based on current prices. 

As a key corporate Ethereum holder globally, reports from reliable sources indicate that BitMine has strictly adhered to its aggressive acquisition strategy, frequently purchasing ETH throughout the year. 

Its recent purchases have drawn the attention of many individuals, as the firm is making significant purchases at a time when the market is experiencing significant declines, sparking heated debates in the ecosystem. 

In an attempt to address this controversy, BitMine asserted that the company remains devoted to Ethereum’s increasing importance in global finance. According to them, their primary goal is to acquire 5% of the total amount in circulation over the long term.

To demonstrate this commitment, sources close to the situation highlighted that BitMine recently bought more Ethereum, acquiring approximately 240,711 ETH in just the first half of December.

Lee, the Chairman of BitMine, weighed in on the topic of discussion. He urged crypto investors to stay positive as the best days for crypto are yet to come. The Chairman further outlined some examples of positive trends that have been experienced this year. This included legislative advancements in Washington and heightened support from Wall Street.

He made these remarks intentionally to explain further the company’s decision to purchase more Ethereum, as it had dropped drastically below the $3,000 level.

Interestingly, the cryptocurrency is still facing a decline in its price. Data from CoinMarketCap indicate that Ethereum is currently trading at $2,928.11, reflecting a decline of about 0.96% in the past 24 hours.

BitMine solidifies its position as a leading firm with significant ETH holdings globally 

On Tuesday, December 16, BitMine’s stock increased by 1.42%, reaching an all-time high of approximately $31.39. Notably, the stock has surged by 551.24% over the previous six months.

Meanwhile, apart from BitMine’s recent purchase, reports noted that several other publicly traded firms hold substantial amounts of Ethereum, illustrating a growing trend among institutions to acquire more of the cryptocurrency.

Even with this stiff competition in place, BitMine has managed to solidify its position as a leader in Ethereum holding. This claim was confirmed by CoinGecko’s Ethereum Treasury Tracker, which showed that BitMine Immersion is the largest corporate holder, holding nearly 3.97 million ETH, equivalent to approximately 3.29% of the cryptocurrency’s total supply. 

The second-ranked in terms of ETH holding is SharpLink Gaming. The publicly traded company holds approximately 859,853 ETH, which is equivalent to 0.71% of the total cryptocurrency supply. The next in the ranking list after SharpLink Gaming is The Ether Machine, an institutional-focused company with approximately 496,712 ETH, which is equivalent to 0.41%.

Other leading holders include Bit Digital, with approximately 153,546 ETH; Coinbase Global, with roughly 148,715 ETH; ETHZilla, holding approximately 94,030 ETH; and BTCS, with about 70,140 ETH. 

Crypto investors exercise a cautious approach to trading ETH due to its recent price declines 

Reports indicate that before Ethereum’s price recently began trading below $3,000, the cryptocurrency had earlier encountered a brief rebound in price; however, this situation did not last. Following this observation, the market has implemented cautious measures as ETH trades within a narrow range.

Another reason is that the market’s overall sentiment has increasingly relied on these large investors, and whether buyers can assume control above the $3,000 mark. 

Considering the intense nature of the situation, sources suggest that the activity of Ethereum whales indicates firm backing at the cryptocurrency’s current price levels. This finding followed data from on-chain analysis, which demonstrated that these significant holders have been consistently accumulating since June of this year, despite Ethereum experiencing price fluctuations.

Get $50 free to trade crypto when you sign up to Bybit now