BitMine Immersion Technologies, a publicly traded company specializing in Ethereum holdings, took advantage of last week's price decline to make a large-scale purchase.
BitMine Immersion Technologies, a publicly traded Ethereum holding company, announced on Monday that it had acquired an additional 110,301 ETH last week, worth approximately $300 million at current prices.
With this acquisition, BitMine now holds approximately 3.5 million Ethereum, valued at approximately $15.5 billion. This represents 2.9% of the total ETH supply, and the company aims to hold 5%. BitMine is the world's largest Ethereum holder and the second-largest cryptocurrency holding company, after Strategy's Bitcoin holdings.
"The recent decline in the ETH price presented an attractive buying opportunity," said CEO Tom Lee, adding that BitMine increased its ETH purchases this week. In fact, the company purchased 34% more ETH than the previous week.
Ethereum, which has been in a weaker market overall, has fallen by about 15% over the past two weeks, but began to rebound on Sunday following news of the end of the US government shutdown. ETH is currently trading at $3,528, up 0.6% over the past 24 hours.
BitMine's stock price (BMNR) rose more than 5% to $42.20 on the day. However, due to the recent cryptocurrency market weakness, the stock has fallen about 20% over the past month.
Chairman Lee highlighted the "significant interest" Wall Street has in the tokenization of blockchain assets, citing a recent Financial Institutions Summit co-hosted by BitMine and the Ethereum Foundation at the New York Stock Exchange. He added, "This is a key fundamental story and supports our view that Ethereum will experience a super cycle over the next decade."
