Ethereum Whale BitMine Buys 203,800 ETH – Now Holds 2.7% Of Circulating Supply

Ethereum (ETH) treasury firm BitMine Immersion Technologies today announced that it had bought another 203,800 ETH last ￰0￱ its latest purchase, the firm’s total ETH holdings now stand 3.24 million ￰1￱ Continues To Stack Ethereum Despite Crash According to a press release issued earlier today, BitMine Immersion Technologies, a leading Ethereum treasury firm has further increased its ETH ￰2￱ firm added another 203,800 ETH over the last week, worth approximately $820 ￰3￱ week’s purchase has increased BitMine’s total ETH holdings to 3.24 million ETH, representing roughly 2.7% of the active circulating ￰4￱ addition, the company holds 192 Bitcoin (BTC) and $219 in ￰5￱ firm has $1.34 billion in combined crypto and cash holdings.

BitMine’s frequent ETH purchases have propelled it as the leading public company in terms of ETH held on its balance ￰6￱ this month, the firm had reported that its total ETH holdings had surpassed 3 million tokens. Commenting, Tom Lee, Chairman of BitMine said: The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH ￰7￱ interest for ETH sits at the same levels as seen on June 30th of this ￰8￱ the expected Supercycle for ethereum, this price dislocation represents an attractive risk/reward. We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ￰9￱ are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ￰10￱ added that he sees Ethereum as a “truly neutral” blockchain which is likely to witness growing institutional ￰11￱ added that BitMine remains committed to accumulating 5% of Ethereum’s total circulating ￰12￱ today’s announcement, the NYSE-listed firm’s stock BMNR surged an impressive 7.76%, trading at $53.72 at the time of ￰13￱ stock is up an astonishing 640.87% over the past six ￰14￱ ETH Destined For A New High?

As institutional adoption of Ethereum grows, analysts are predicting new all-time highs (ATH) for the second-largest cryptocurrency by market ￰15￱ to crypto analyst HAMED_AZ, ETH can surge to $6,400 on the back of a new bullish ￰16￱ trends show that some institutional investors are even replacing BTC with ETH, due to the latter’s greater flexibility and wider variety of ￰17￱ asset manager, BlackRock recently shifted some of its BTC holdings to ￰18￱ said, some analysts are cautious of the trend of Ethereum treasury firms adding ETH on their balance ￰19￱ press time, ETH trades at $4,019, up 1.2% in the past 24 hours.