BitMine boosts Ethereum treasury by $873M weekly, signaling strong confidence despite ETH’s 4% price dip.
BitMine, owned by Tom Lee, confirmed a massive expansion of its Ethereum treasury and cryptocurrency assets in just one week, boosting them by $2.2 billion.
Over the past week, BitMine has expanded its reserves by over 190,000 Ethereum, or $873 million, as part of this expansion.
With $8.8 Billion, BitMine Treasury Has 1.71 Million Ethereum Tokens
In a press release, the corporation said its assets had grown by 32%, from $6.6 billion to $8.8 billion.
Its total Ethereum holdings have increased from 1.52 million to 1.71 million.
BitMine’s ETH holdings surpass those of all other corporate holders of the asset, solidifying its position as the world’s most extensive Ethereum treasury.
The announcement also disclosed Ethereum’s growing institutional investment use.
According to BitMine Chairman Tom Lee, the company has raised money from institutional investors for the past two weeks at a never-before-seen rate.
He explained that the endeavor was a component of BitMine’s plan to purchase 5% of the Ethereum supply.
Lee claims that the company’s belief that Ethereum will serve as the foundation for global banking in the future is reflected in this treasury buildup.
The company claimed that Ethereum’s standing in the financial sector is improving due to Wall Street’s growing interest in blockchain technology and the rapid advancement of artificial intelligence.
Lee likened the current state of affairs to the revolutionary shifts after the Bretton Woods system ended in 1971, reshaping international markets.
With an average daily trade of $2.8 billion, BitMine’s stock has also become extremely liquid.
According to the company’s high treasury growth strategy, it is among the most traded equities in the US market.
With investments from ARK Invest, Founders Fund, and Galaxy Digital, institutional support has been the primary driver of BitMine’s Ethereum treasury.
The business has positioned itself as a pioneer in Ethereum-focused treasury management and a mining firm.
Treasury Growth Maintains Bull Outlook Despite ETH’s 4% Drop
However, there is much selling pressure on the price of Ethereum right now.
Within a day, ETH lost around $200 in value, falling more than 4% to $4,585.
Data from TradingView indicated a decline from the $4,720 area before leveling off at over $4,560.
Ethereum has kept up its long-term momentum despite the decline.
The token’s value has increased by 23% in the last month, 84% in the previous six months, and more than 1,000% in the last five years.
Profit-taking on big rallies caused the reversal, while BitMine and others’ rise in Ethereum treasury keeps the long-term trend bullish.