BitMine, an Ethereum treasury company operating under the leadership of Fundstrat, co-founded by US investor Tom Lee, continues its cryptocurrency accumulation strategy. According to on-chain data, the company purchased approximately $88 million worth of additional Ethereum (ETH).
According to on-chain analyst Lookonchain, citing Arkham data, BitMine purchased a total of 29,462 ETH through BitGo and Kraken. While these transactions have not yet been officially confirmed by the company, recent statements from BitMine confirm its aggressive buying policy.
The company announced in an official statement released on Monday that it purchased 98,852 ETH last week. BitMine, which is traded on the New York Stock Exchange, now holds a total of 4,066,062 ETH, with an average purchase price of $2.991. At current market prices, the company’s Ethereum treasury is worth approximately $12 billion.
BitMine, the world’s largest institutional holder of Ethereum, aims to hold 5% of the circulating ETH supply through its year-round purchases. Company management frequently emphasizes its belief that Ethereum will transform the global financial system.
BitMine Chairman Tom Lee stated, “We are rapidly moving towards the 5% alchemy. Thanks to our large ETH holdings, we are a key player bridging the gap between Wall Street and the blockchain world in the tokenization space.”
On the market front, a volatile picture is noticeable. BitMine shares (BMNR) closed down 0.86% at $31.09 on Monday, while the price of Ethereum also fell 2.48% in the last 24 hours, trading around $2,951. Despite this, the company appears to be committed to its long-term Ethereum strategy.
*This is not investment advice.
