BitMine Immersion Technologies, the world’s largest corporate Ether holder, acquired another $112 million worth of Ether (ETH) on Wednesday amid the current market slump, as its Executive Chairman suggested that the second-largest crypto by market cap has bottomed out.
BitMine Ramps Up Ether Accumulation
According to an X post by EmberCN, citing data from Arkham, BitMine acquired 33,504 ETH via FalconX on Dec. 10, accelerating its accumulation strategy.
The BitMine Immersion Technologies chairman, Tom Lee, said the Ethereum treasury firm has been “putting its money where its mouth is” of late, adding heavily to its balance sheet at Ethereum’s current prices.
With the latest investments, BitMine now holds 3.2% of the total Ether supply, reinforcing its position as the largest known ETH treasury. Bitmine’s haul is now roughly 62% of the way to its target of holding 5% of the circulating Ether supply.
BitMine’s Lee has remained bullish on Ether and the wider crypto market despite the ongoing drawdown. He recently revealed that the company ramped up buying following Ethereum’s Fusaka upgrade on December 3, which brought on key improvements to the network’s scalability and security.
He also highlighted macro factors, including the U.S. Federal Reserve’s rate this month and the end of quantitative tightening, as support for a stronger Ether market next year. Notably, the Fed delivered a widely anticipated rate cut on Wednesday, lowering its benchmark fed funds rate by 25 basis points to a target range of 3.5% to 3.75%.
“BitMine believes Ethereum’s already bottomed,” Lee said in a more recent video interview with Farokh Radio. “Compared to two weeks ago, the amount of ETH we’re buying has doubled.”
Among all crypto treasuries, BitMine trails only the Bitcoin behemoth Strategy, which holds over $59 billion worth of BTC.
While both Bitcoin and Ethereum have tumbled from record highs, ETH is leading the recent rebound, jumping a paltry 0.6% in the last seven days to change hands at $3,198. Bitcoin, on the other hand, is down 3.1% over the last week, recently trading at $90,192, according to CoinGecko data.
Source: https://zycrypto.com/bitmine-adds-112m-of-ether-to-treasury-as-chairman-tom-lee-says-eth-has-already-bottomed/
