Ethereum (ETH) custodian BitMine Immersion Technologies announced today that it purchased another 203,800 ETH last week. Following the recent purchase, the company's total holdings of ETH now stand at 3.24 million tokens.
BitMine continues to staking Ethereum despite the collapse
According to a press release issued earlier today, BitMine Immersion Technologies, a leading Ethereum treasury, has increased its holdings of ETH. The company added another 203,800 Ethereum over the past week, worth approximately $820 million.
Last week's purchase increased BitMine's total holdings of ETH to 3.24 million ETH, representing approximately 2.7% of the active circulating supply. In addition, the company has 192 Bitcoin (BTC) and $219 in cash. The company has $1.34 billion in combined cryptocurrencies and fiat.
BitMine's frequent purchases of ETH have made it the leading public company in terms of ETH held on its balance sheet. Earlier this month, the company announced that its total holdings of ETH had declined Transgression 3 million tokens. Commenting on this, Tom Lee, Chairman of BitMine, said:
The cryptocurrency market witnessed one of the largest deleveraging events ever last week, putting downward pressure on ETH prices. ETH's open interest is at the same levels seen on June 30 of this year. Given Ethereum's expected supercycle, this price imbalance represents an attractive risk/reward. We have acquired 203,826 ETH tokens over the past week bringing our ETH holdings to 3.24 million, or 2.7% of the ETH supply. We are now more than halfway to our initial quest for the “5% chemistry” of ETH.
Lee added that he sees Ethereum as a “truly agnostic” blockchain that will likely see increasing institutional adoption. He added that BitMine remains committed to accumulating 5% of the total circulating supply of Ethereum.
Following today's announcement, the NYSE-listed company's stock rose 7.76%, trading at $53.72 at the time of writing. The stock is up a whopping 640.87% over the past six months.
Is ETH headed 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 capitalization. According to cryptocurrency analyst HAMED_AZ, ETH can leap To $6,400 on the back of a new bullish wave.
Recent trends show that some institutional investors are replacing Bitcoin with ETH, due to the latter's greater flexibility and versatility. Lead asset manager, BlackRock recently I turned Some of its holdings are from BTC to ETH.
So some analysts said to caution Ethereum custodians tend to add ETH to their balance sheets. At press time, Ethereum is trading at $4,019, up 1.2% over the past 24 hours.
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