BitMine Expands Ethereum Treasury with $820 Million Purchase
- BitMine accumulates 3,24 million ETH, around 2,7% of the total
- Company led by Tom Lee adopts aggressive acquisition strategy
- Ether rises again after global deleveraging event
BitMine Immersion Technologies (BMNR) announced the acquisition of an additional 203.826 ETH last week, bringing its total to 3,24 million ether—equivalent to approximately $820 million in new purchases and approximately 2,7% of the cryptocurrency's total circulating supply. The upgrade reinforces the company's position as the largest corporate treasury focused on Ethereum.
In the statement, the company detailed that its total reserves now amount to $1,34 billion in cryptocurrencies and cash, including 192 bitcoins, $219 million in cash, and $119 million in Eightco Holdings shares. This move continues the aggressive expansion policy adopted since the summer, which has transformed BitMine into a leading institutional player in ETH accumulation.
The company's president, Tom Lee, stated that Ethereum represents the future of decentralized finance and highlighted the network's neutral nature as a differentiator. "Ethereum is a truly neutral chain, and we believe institutional adoption will continue to grow," Lee said, explaining that BitMine's goal is to reach 5% of the global ETH supply in the coming years.
On-chain data indicates that a transfer of approximately 104 ETH to addresses associated with BitMine was recorded during a sharp market decline, demonstrating that the company used the price decline to increase its position. "The cryptocurrency market saw one of the largest deleveraging events in history last week, and this put downward pressure on ETH prices," Lee noted. "Given the expected supercycle for Ethereum, this price dislocation represents an attractive risk/reward."
The price of ether was trading near $4.000 on Monday, after falling nearly 10% in October amid global volatility. BitMine (BMNR) shares rose 7% shortly after the announcement and opened the U.S. trading session higher, reflecting market optimism surrounding the expansion of its Ethereum portfolio and the consistency of its digital treasury strategy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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