Offchain Labs, the company behind the Arbitrum Layer 2 scaling solution, has reportedly increased its ARB altcoin holdings by repurchasing more tokens from the market.
According to analysis of a Twitter account that tracks Arbitrum-related transactions, Offchain Labs spent a total of $2.07 million over the past week purchasing 2.27 million ARB tokens from Binance at an average price of $0.91.
The analysis shows that Offchain Labs used an address (0xb41) to accumulate ARB tokens from Binance three times: 727,289 tokens ($673,000) at $0.92 on September 1, 335,563 tokens ($298,000) at $0.89 on September 2, and 7 1.217 million tokens ($1.1 million) at $0.9 in September.
After each purchase, the address transferred all the tokens to Offchain Labs' main address (0x1e7).
This is not the first time that Offchain Labs has taken back ARB tokens from the market. Arbitrum Signals also revealed that the same address (0xb41) had accumulated 5.36 million ARB tokens from Binance at an average price of $0.94 since August 23 following the market crash, spending a total of $5.07 million.
This address behaved similarly during the June crash, purchasing 4.483 million ARB tokens ($4.45 million) at $0.993 from June 12 to June 17.
*Not investment advice.