Ethereum (ETH) treasury firm BitMine Immersion Technologies today announced that it had bought another 203,800 ETH last week. Following its latest purchase, the firm’s total ETH holdings now stand 3.24 million tokens.
BitMine Continues To Stack Ethereum Despite Crash
According to a press release issued earlier today, BitMine Immersion Technologies, a leading Ethereum treasury firm has further increased its ETH holdings. The firm added another 203,800 ETH over the last week, worth approximately $820 million.
Last week’s purchase has increased BitMine’s total ETH holdings to 3.24 million ETH, representing roughly 2.7% of the active circulating supply. In addition, the company holds 192 Bitcoin (BTC) and $219 in cash. The firm has $1.34 billion in combined crypto and cash holdings.
BitMine’s frequent ETH purchases have propelled it as the leading public company in terms of ETH held on its balance sheet. Earlier this month, the firm had reported that its total ETH holdings had surpassed 3 million tokens. Commenting, Tom Lee, Chairman of BitMine said:
The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices. Open interest for ETH sits at the same levels as seen on June 30th of this year. Given the expected Supercycle for ethereum, this price dislocation represents an attractive risk/reward. We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.
Lee added that he sees Ethereum as a “truly neutral” blockchain which is likely to witness growing institutional adoption. He added that BitMine remains committed to accumulating 5% of Ethereum’s total circulating supply.
Following today’s announcement, the NYSE-listed firm’s stock BMNR surged an impressive 7.76%, trading at $53.72 at the time of writing. The stock is up an astonishing 640.87% over the past six months.
Is ETH Destined For A New High?
As institutional adoption of Ethereum grows, analysts are predicting new all-time highs (ATH) for the second-largest cryptocurrency by market cap. According to crypto analyst HAMED_AZ, ETH can surge to $6,400 on the back of a new bullish wave.
Recent trends show that some institutional investors are even replacing BTC with ETH, due to the latter’s greater flexibility and wider variety of uses. Major asset manager, BlackRock recently shifted some of its BTC holdings to ETH.
That said, some analysts are cautious of the trend of Ethereum treasury firms adding ETH on their balance sheets. At press time, ETH trades at $4,019, up 1.2% in the past 24 hours.
