Tom Lee, the chairman of BitMine Immersion Technologies (BMNR), the world's largest Ethereum treasury firm, has continued to advocate for Ethereum amid his company's relentless accumulation of the asset.
While BitMine had barely skipped on its weekly Ethereum purchases, the firm has pulled another strong move despite the brief crypto market slowdown.
BitMine buys $46 million of ETH
Amid its steady Ethereum purchases, the latest data from onchain monitoring platform Lookonchain shows that BitMine has bought another 17,362 ETH worth $46.82 million over the last week.
As usual, the transfer, which has barely gone unnoticed, was perceived to be part of BitMine's long-term Ethereum accumulation strategy rather than just a short-term purchase.
While the move has come after Ethereum slipped back into the red, dropping below its recent high of around $2,700, it appears that the treasury may be buying the dip.
As such, BitMine has increased its already large Ethereum reserve at a cheaper price, pushing its treasury to a major milestone.
BitMine hits over 6 million Ethereum
Following this latest purchase, BitMine's Ethereum holdings have now reached a key milestone, surpassing 6 million ETH. This is worth about $16 billion at ETH's current market price.
While its fast-expanding Ethereum treasury now represents 4.9% of the asset's circulating supply, BitMine continues to position itself as Ethereum's largest corporate holder.
While the brief market slowdown appears to have sparked a bit of panic among small holders, especially retail traders, Tom Lee's latest purchase has sparked a degree of confidence about Ethereum's short-term potential.
Arman Shirinyan
Dan Burgin
