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The largest publicly traded corporate holder of Ethereum, BitMine Immersion Technologies, has been increasing its purchases of the second-largest cryptocurrency for five consecutive weeks. In the past week, the company acquired 71,179 ETH, marking its highest purchase volume since the beginning of the year.
The total value of the transaction was approximately $147 million, with an average Ethereum price of $2,031. Previously, BitMine’s average weekly purchases ranged between $93 million and $103 million. Over the last four weeks, BitMine has accumulated a total of 238,244 ETH.
Currently, the company holds a balance of 4,732,082 ETH, 197 BTC, and $961 million. Additionally, the firm has a stake in Beast Industries valued at $200 million and a share in Eightco Holdings worth $102 million.
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According to BitMine’s chairman, Tom Lee, Ethereum is currently in the final phase of what is referred to as a “mini crypto winter,” which has driven the recent surge in purchases of this cryptocurrency. Lee believes that the situation may improve once the risks associated with rising oil prices diminish.
“The inverse correlation between cryptocurrencies, stocks, and oil prices is increasing and has reached its highest levels in the past year. Until the stock markets gain confidence in the future trajectory of energy prices, rising oil quotes will continue to restrain stocks and cryptocurrencies. In a sense, the crypto winter is likely to conclude when the risks of rising oil prices peak,” Lee stated on social media platform X.
As reported by StrategicEthReserve, which monitors 67 major Ethereum holders, BitMine holds a significant lead. SharpLink Gaming ranks second with 863,000 ETH, while Ether Machine is in third place with 496,000 tokens.
In the previous week, BitMine purchased 65,341 ETH for $140 million.
