BitMine acquires additional Ethereum for about $145 million as it remains keen to continuously expand its treasury, leveraging market volatility to scoop up the asset for cheaper prices.
BitMine acquires additional Ethereum for about $145 million as it remains keen to continuously expand its treasury, leveraging market volatility to scoop up the asset for cheaper prices. The world’s largest Ethereum treasury, BitMine, has continued to stack up on Ethereum despite growing uncertainties surrounding the asset’s price potential, as it continues to show mixed price action amid weak market momentum.
While the company’s chairman, Tom Lee, has often advocated for relentless buying regardless of market conditions, BitMine has continued to expand its120 Billion SHIB: Unknown Whale Aggressively Expands Shiba Inu Portfolio, Trader Who Predicted 700% XRP Boom Breaks Down Bitcoin Price Situation, Jim Cramer Questions Crypto in True Crisis: Morning Crypto ReportBased on Ethereum’s trading price at the time the transactions were executed, the latest purchase was worth about $145 million.While the latest ETH acquisition has significantly boosted BitMine’s fast-expanding Ethereum treasury, the company’s total Ethereum holdings have now reached a massive 4.66 million ETH, worth about $10 billion at current market prices. BitMine’s acquisition came at a time when the asset has slowed down from its recent price rally, showing a decent decrease of 0.23% in its price over the past day.With its steady Ethereum purchases, BitMine is gradually moving closer to taking over 4% of Ethereum’s total supply. Its Ethereum holdings, as of now, currently account for 3.86% Ethereum’s circulating supply.will eventually acquire 4% of Ethereum’s total supply before the month runs out, or by April, as only $359 million worth of Ethereum is needed to hit the target.
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