Top publicly traded Ethereum treasury firm BitMine Immersion Technologies bought the crypto dip.
The Las Vegas-based firm added 202,037 ETH—about $838 million worth at the current price—bringing its total holdings to 3,032,188 ETH, valued at more than $12.5 billion. It also holds around $220 million worth of BTC and maintains around $239 million in assets between its ”moonshots” investments and cash.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We acquired 202,037 ETH tokens over the past few days pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH,” said BitMine Chairman Tom Lee in a statement.
BitMine’s stash makes it the largest publicly traded Ethereum treasury company and the second-largest crypto treasury overall—only trailing Bitcoin behemoth, Strategy, which holds more than $73 billion worth of Bitcoin.
The firm’s latest purchase pushes it more than half way to its goal of accumulating 5% of the entire Ethereum token supply with more than 3 million ETH accumulated at an average price of $4,154. That’s just below the current price of about $4,163.
ETH fell as low as $3,686 on Friday amid a record $19 billion in crypto liquidations after President Trump threatened severe new trade tariffs on China. It has since jumped back up, gaining more than 9% in the last 24 hours as Trump has softened his tone on a trade war.
“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, 'substantial discount to the future,' and this creates advantages for investors, at the expense of traders," said Lee.
Myriad users are bullish on Ethereum avoiding another big drop Monday, currently predicting a nearly 94% likelihood that ETH remains above a price of $3,800 by the end of the day. (Disclaimer: Myriad is a product of Decrypt's parent company, DASTAN.)
Other treasury firms, like Bitcoin miner MARA Holdings joined BitMine in buying the dip, adding $46 million in BTC during the market’s brief tumble.
Shares in BitMine (BMNR) have opened around 4.35% higher on Monday, trading at $54.75. It was trading above $60 prior to Friday’s market sell-off and is now down around 9.35% in the last five trading days.
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