Bitmine’s $135M ETH Purchase Signals Growing Confidence

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The company added almost 77,000 ETH to its stash over the week.

The Tom Lee-chaired former bitcoin miner turned Ethereum treasury company continues to increase its ETH holdings by purchasing over $135 million worth of the asset.

Its total holdings have skyrocketed to 5,620,754 ETH, currently valued at around $10 billion, given the asset’s price today. This means that the company, whose average entry price is around $3,450, still sits on a massive unrealized loss of well over $9 billion.

ETH Holdings Keep Rising
The press release shared from the company earlier today indicated that its total stash has grown to $10.4 billion, albeit crypto prices were slightly lower at the time. Aside from the massive ETH fortune, Bitmine owns 204 BTC, $502 million in cash and marketable securities, as well as equity stakes in Beast Industries and Eightco Holdings valued at a combined $268 million.

Tom Lee described the $135 million purchase as an “elevated pace” of buying the asset despite its most recent market pullback that sent it to $1,500 at the start of the month. The company is now 93% of the way toward owning 5% of Ethereum’s total supply.

Nevertheless, Bitmine continues to be a major ETH supporter, noting that it doesn’t believe the current market downturn rightfully reflects its position in the market.

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