BitMine Continues Its ETH Accumulation: Weekly Total Reaches $229 Million

Summary:
BitMine, an Ethereum-focused treasury firm led by Tom Lee, has made significant purchases of Ether this week, totaling approximately $229.31 million. This aggressive accumulation strategy positions BitMine as a major player in the Ethereum market.

Key Takeaways

Ethereum Purchases: BitMine has acquired $229.31 million worth of ETH this week alone.
Significant Holdings: The firm owns over 3.2% of the total ETH supply, having purchased 407,331 ETH in the last month.
Market Presence: BitMine has quickly positioned itself as the leading Ether-focused cryptocurrency treasury, aiming to hold 5% of the ETH supply.
Stock Performance: After an investment by ARK Invest, shares of BitMine Immersion Technologies (BMNR) fell by 3.04%.

BitMine ETH

BitMine's Impressive ETH Accumulation

Tom Lee’s Ethereum-focused treasury company, BitMine, has made substantial investments in Ether this week, with reports indicating they have purchased at least $229.31 million in ETH, as noted by Arkham. On-chain data has revealed that BitMine added another 30,075 ETH to its holdings, which is valued at approximately $88.73 million.

According to Arkham Monitoring, “Two fresh wallets just withdrew $88.73 million of ETH from FalconX,” confirming that this acquisition aligns with BitMine’s historical buying trends.

Ownership of ETH Supply

Despite the ongoing market downturn, BitMine’s purchasing strategy remains aggressive. This latest acquisition follows a recent purchase of $140 million in ETH from a hot wallet on FalconX.

In a statement released on Monday, the NYSE American–listed company revealed that it now holds more than 3.2% of the total ETH token supply. An analysis of CoinGecko ETH treasury data indicates that BitMine has secured 407,331 ETH within the past 30 days.

Earlier this month, BitMine made headlines by acquiring nearly $70 million worth of ETH over three days, establishing itself as the foremost Ether-focused crypto treasury by a considerable margin. Shortly afterward, the company boosted its balance sheet with an additional $150 million in Ether, which included purchases of 18,345 ETH via BitGo and 30,278 ETH through Kraken. This acquisition stands out as one of the largest single inflows into corporate Ethereum treasuries recorded this year.

The management at BitMine previously stated their intention to gain control of roughly 5% of the entire ETH supply.

Market Movements and Stock Performance

In related news, shares of BitMine Immersion Technologies (BMNR) saw a decline of 3.04% on Thursday, closing at $29.32, according to data from Google Finance. This drop occurred following Cathie Wood’s ARK Invest purchasing $10.56 million in shares of the firm across its three exchange-traded funds on Wednesday. This investment builds on a prior purchase of $17 million into BitMine.

Additionally, ARK reported acquiring $5.9 million in shares of Coinbase and $8.85 million in Bullish.