Listed Ethereum Finance company BitMine Immersion Technologies added 110,301 ETH (worth $389 million at current prices) to its holdings last week, the company announced on Monday.
The company’s portfolio includes over 3.5 million ETH (valued at approximately $12.4 billion as of this writing), in addition to 192 ETH. Bitcoin (equivalent to $20.2 million) and $398 million in cash.
Ethereum has been falling along with the broader market in recent weeks, with Ethereum down nearly 15% over the past two weeks, according to data from CoinGecko. that started to rebound ETH pared its gains on Sunday, gaining just 0.6% over the past 24 hours, amid information that the US government shutdown may soon end. Price $3,528.
Bitmine bought 34% more ETH last week compared to the previous week, but chairman Tom Lee believed that the company took advantage of the price drop to buy more.
“The recent drop in ETH prices presents an attractive opportunity, and Bitmine increased its purchases of ETH this week,” Lee said. statement.
BitMine currently holds 2.9% of the total ETH supply and is on track towards its goal of capturing 5%. The company ranks as the world’s top Ethereum vault, far surpassing second-place Sharplink Gaming (valued at just over $3 billion), and second in overall crypto vaults. strategy There are approximately $68 billion of Bitcoin in existence.
Bitmine (BMNR) stock is up over 5% on the day, hitting a recent price of $42.20. The company’s stock price has fallen nearly 20% in the last month due to the recent downturn in the cryptocurrency market.
Lee highlighted the growing institutional interest in blockchain technology following the recent summit with financial institutions on the NYSE co-hosted by BitMine and the Ethereum Foundation.
“It’s clear that Wall Street is very interested in tokenizing assets on blockchain, increasing transparency and unlocking new value for issuers and investors,” he said in a statement. “This is an important fundamental story and supports our view that Ethereum is the supercycle story of the next decade.”
