BitMine, as the world's largest corporate holder of Ethereum (ETH), took advantage of the cryptocurrency market crash this weekend to buy the dip, demonstrating institutional confidence in Ethereum's continued momentum.
The company stated that it "aggressively" acquired Ethereum during the market turmoil, pushing its total holdings to over 3 million ETH, which accounts for approximately 2.5% of the total supply of this cryptocurrency. BitMine's average purchase price was $4,154 per token.
In a post on X on Monday, the company revealed that in the past few days, BitMine acquired 202,037 ETH, valued at approximately $827 million.
This brings BitMine's total holdings to $13.4 billion, which includes $12.9 billion in cryptocurrency and "moonshot project" holdings, 192 Bitcoin (BTC), $104 million in cash, and $135 million in shares of the Nasdaq-listed tech company Eightco Holdings.
BitMine's aggressive buying may influence other corporate cryptocurrency treasuries to adopt similar long-term accumulation strategies.
BitMine's acquisitions occurred during a period of severe adjustment in the cryptocurrency market on Friday, which led to a $19 billion liquidation event over the weekend.
The latest purchases have brought BitMine "halfway" to achieving its treasury goals.
"The cryptocurrency liquidations over the past few days caused the ETH price to drop, and BitMine took advantage of this," said Tom Lee, Chairman of BitMine and Head of Research at Fundstrat.
Lee added, "Volatility causes deleveraging, which can lead to assets trading significantly below their fundamentals, or as we say, 'well below future value,' creating an advantage for investors but harming traders."
BitMine's stock has also gained attention among traditional investors.
As of Friday, based on a five-day average trading volume of over $3.5 billion, BMNR is the 22nd most traded stock in the U.S. market.
Nevertheless, according to Google Finance data, BitMine's stock price has dropped 11% in the past five days. This decline occurred a few days after Kerrisdale Capital established a short position on BMNR, criticizing BitMine's business model as "heading towards extinction."
Related: Analysts say the market crash "will not affect long-term fundamentals"
Original: “BitMine's 'Aggressive' Purchase of Over 200,000 Ethereum (ETH) After Market Crash”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
