According to the latest on-chain data, BitMine viewed the latest market downturn as an opportunity to further increase its exposure to Ethereum, the second-largest cryptocurrency by market cap. In two separate fresh buys, the Ethereum treasury firm expanded its holdings by over $199 million worth of Ether tokens.
BitMine Now Holds 3.08% Of Total Ether Supply
In a recent post on the social media platform X, blockchain data firm Lookonchain revealed that BitMine acquired $199 million worth of Ethereum in the past two days. This fresh round of accumulation included two separate buys; 41,946 ETH equivalent to $130.78 million on Friday, December 5 and 22,676 ETH worth $68.67 million on Saturday, December 6.
This latest acquisition spree brings the Ethereum treasury firm’s holdings to around $11.3 billion, solidifying its position as the world’s largest corporate Ether holder. With its continued accumulation of the largest altcoin over the past few months, BitMine now holds about 3.08% of the total Ether supply.
It is worth noting that BitMine’s aggression in the market comes while the hype around digital asset treasuries (DATs) have died down. While crypto asset acquisitions have slowed down among treasury companies, shareholders are losing significant amounts in value—as the market downturn continues to also affect crypto-related stocks.
However, BitMine’s general performance has been quite impressive, with the firm announcing its intention to pay crypto’s first-ever dividend to shareholders. What’s interesting is that the Ethereum treasury firm sits on a cash reserve of nearly $900 million, which could go into additional ETH purchases.
BitMine Buys The Dip While Ethereum Whales Take Profit
BitMine’s continued accumulation of Ether is a proof of its faith in the token’s long-term promise. However, this aggressive purchasing activity has somewhat been opposite to what the market trend is suggesting.
The Ethereum price is hovering around the $3,000 mark after a mild correction from its recent local high around $3,200. According to on-chain data, mid-sized whales (holding between 1,000 and 10,000 ETH) have kept significant selling pressure on the market.
Meanwhile, Alphractal also revealed that the large whales (with over 10,000 ETH) have remained much more in a neutral and calm state, showing only light distribution.
Whales are typically regarded as some of the most influential investors in the market, as their moves often give insights on a coin’s trajectory. While BitMine counts as a whale—due to its significant holdings, it is interesting to see the firm move in the opposite direction of other relevant market participants.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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