BitMine, a company holding the largest amount of Ethereum
The firm took advantage of the lower prices to strengthen its position in Ethereum.
According to a post on X on October 13, BitMine bought 202,037 ETH by spending roughly $827 million.
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This increased its total Ethereum holdings to over 3 million ETH, which represents around 2.5% of the total amount of ETH available. The company paid an average of $4,154 per coin for the latest acquisition.
BitMine’s total assets are estimated at $13.4 billion. This includes $12.9 billion in crypto and other high-risk investments, 192 Bitcoin
The recent ETH purchase came after a drop in the crypto market on October 10, which led to widespread asset selloffs totaling $19 billion over the weekend.
Tom Lee, the company’s chairman and also head of research at Fundstrat, said the fall in Ethereum’s price provided a good moment for the company to buy. He noted that the firm is now more than halfway toward its goal of eventually holding 5% of all Ethereum.
Lee also added that market swings often result in forced selling. He said this creates chances for long-term investors to benefit, even though short-term traders may suffer.
Recently, Bit Digital invested $140 million to buy 31,057 ETH, which raised its total Ethereum holdings to over 150,000 ETH. What did CEO Sam Tabar say? Read the full story.
