Key highlights:
- BitMine acquired 42,197 ETH, worth about $73 million, last week
- The purchase comes amid the recent Ethereum price surge
- While BitMine continues to purchase ETH, Strategy has sold $216 million in BTC
Besides ETH, BitMine also has other holdings, including Bitcoin. According to the available data, the firm holds 206 BTC, $527 million in cash reserves, and marketable securities. BitMine also has investments in Beast Industries and Eightco Holdings. Altogether, these holdings and investments are valued at $11.1 billion.
What is more intriguing about this move is that it comes at a time when Bitcoin treasury giant Strategy is taking the opposite approach. Recently, Strategy liquidated about $216 million in BTC while BitMine continues to accumulate ETH.
Ethereum price remains strong
It is important to note that BitMine has acquired its latest batch of ETH at around its current price of $1.7k. This indicates that the company remains confident in the Ethereum price’s long-term potential. Instead of waiting for a pullback, BitMine has bought an even larger number of tokens than the previous week.
The Ethereum price has been struggling to maintain momentum over the past few weeks. But now the token is showing positive signals, with its price hovering around $1.7k. With a 2.2% daily rise, ETH is currently valued at $1,781. The token has also seen more notable upticks of 14% in a week and 10% in a day.
BitMine’s Ethereum accumulation has further bolstered this bullish outlook. While the company remains steady in its ETH strategy, investors are increasingly convinced about the altcoin’s future. This is clearly evident in the 83% surge in the 24-hour volume, which is now at $15.97 billion.
Source:: BitMine Expands $10B Ethereum Treasury With $73M ETH Purchase