BitMine has expanded its Ether treasury, with Chairman Thomas Lee attributing the buy to taking advantage of depressed prices. The company now owns 2.9% of the ETH supply following the ETH treasury company’s latest acquisition of the ecosystem’s second-largest cryptocurrency.
BitMine Takes Advantage Of ETH Price Dip
BitMine acquired an additional 110,288 ETH, bringing its balance sheet total to over 3.5 million tokens, or roughly 2.9% of the entire circulating Ethereum supply, which it acquired at an average price of $3,639. This is above Ethereum’s current price of $3,566.
The price of ETH has fallen by nearly 2% over the last week, according to data from crypto price aggregator CoinGecko at the time of writing. The crypto remains more than 27.8% off the all-time high it set in late August.
BitMine chairman Lee, who is also the head of research company Fundstrat, revealed that the company saw the retrace in Ether prices as a buying opportunity. “We acquired 34% more ETH than last week,” Lee opined.
Lee is the force behind BitMine’s ETH buying strategy, which gives investors exposure to the token without the burdens of holding it directly. BitMine’s latest purchase pushes it more than halfway toward its goal of accumulating 5% of the entire Ethereum token supply.
The firm’s haul is now worth approximately $12.3 billion, making it the world’s largest Ethereum treasury and ranking it well ahead of runner-up SharpLink Gaming, which has amassed roughly $3.06 billion in ETH. SharpLink was the first publicly listed company to announce a treasury strategy around Ethereum’s native token Ether in late May.
Overall, BitMine is the second-largest crypto treasury, trailing only the Bitcoin giant and digital asset treasury pioneer, Strategy, which holds more than $67 billion worth of BTC.
BitMine also holds 192 Bitcoin worth around $20.2 million, a $61 million stake in EightCo Holdings (ORBS), and around $398 million in unencumbered cash.
Source: https://zycrypto.com/tom-lees-bitmine-now-owns-2-9-of-all-ether-in-circulation-after-latest-purchase/
