Institutional asset management company BitMine Immersion Technologies104,336 Ethereum worth $417 million despite the market-wide selloff 
$3,999.65 He bought it and added it to his treasury. Lookonchain arkham According to the data based on data, transfers were sent to three new addresses in seven transactions from two wallets originating from Kraken and BitGo. The company has not made an official statement yet, but in-Blockchain data confirms the transactions.
BitMine’s Ethereum Target Strengthens
According to the last official update on October 13, BitMine holds approximately 3.03 million ETH was located; At current prices, the value of this amount is around 12.2 billion dollars. Fundstrat co-founder Tom Lee The company he leads now has the world’s largest Ethereum treasury and the second largest cryptocurrency treasury after Strategy, run by Michael Saylor.
BitMine aims to include 5 percent of the Ethereum supply in its portfolio in the long term. Company management considers the growth of Ethereum’s role in financial markets as a strategic opportunity. In his speech at the Korea Blockchain Week event last month, Lee emphasized that Wall Street institutions and the White House would turn to Ethereum in the future due to its “neutral Blockchain” structure.
Strategic Buying Despite Market Pressure
BitMine’s acquisition comes on the heels of the recent sharp fluctuation in the cryptocurrency market. price of ETH It has fallen 8.7 percent over the past seven days to $4,028 and is trading about 18.5 percent below its all-time high.
Analysts argue that the market remains structurally strong despite the correction. Wincent Senior Director Paul HowardStating that the investors who were liquidated in the last liquidation wave were those who already had long-term faith in cryptocurrencies, he evaluated that “These investors will not withdraw from the market, on the contrary, they will return without leverage.”
