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The largest corporate public holder of Ethereum, BitMine Immersion Technologies, has acquired 71,252 ETH over the past week. This marks the most significant purchase since December, when the company added 98,852 ETH to its reserves.
Following this acquisition, the total amount of the second cryptocurrency held in BitMine’s wallets reached 4.803 million ETH, valued at $10.3 billion at the current exchange rate. The company’s share of the overall supply of these coins has reached 3.98%. Previously, BitMine had expressed its intention to accumulate 5% of the total circulating supply of Ethereum.
The total amount of staked Ethereum in BitMine’s portfolio has reached 3,334,637 ETH: at a rate of $2,123 per token, this amounts to approximately $7.1 billion. The company has staked more Ethereum than any other organization globally, according to executive chairman Tom Lee.
Lee stated that BitMine has maintained a high purchasing rate of Ethereum for four consecutive weeks. He noted that the company aims to buy the asset during price dips and anticipates growth, as Ethereum is currently in the final phase of what is referred to as a “mini crypto winter.”
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Tom Lee is also confident that Ethereum represents a promising investment amid the ongoing conflict in the Middle East.
“The war has exerted pressure on global markets, but Ethereum is one of the few assets that has increased in absolute terms,” Lee believes.
According to the head of BitMine, since the onset of the war, the second-largest cryptocurrency has become the second-best performing asset in terms of price dynamics: the ETH price has risen by 6.8%, outperforming the S&P 500 by 1,130 basis points and gold by 1,840 basis points.
A week ago, BitMine purchased 71,179 ETH, marking the previous record for the number of tokens acquired since the beginning of the year.
