Ethereum treasury firm BitMine Immersion Technologies has announced the purchase of an additional $60,976 ETH. This latest acquisition is worth more than $131 million and has helped solidify the company’s standing as the largest corporate Ethereum holder in the world.
Ethereum institutional demand keeps growing
Over the past week, BitMine announced that it doubled down on its Ethereum stash as it increased its total holdings to 4,534,563 ETH, which it bought for $1,965 per ETH.
As the Tom Lee-led firm pointed out, this total comes off as roughly 3.7% of the total Ethereum circulating supply. The firm has been acquiring Ethereum at a very fast pace amid the massive drawdown in the price of the asset.
As Tom Lee noted, the acquisitions of these Ethereum are strategic considering the industry is entering its final stages of an ongoing bear market. Lee, who has often projected a positive price outlook for ETH, said the coin’s bottom is around $1,740.
With crypto funds recording over $680 million in the past week, according to the CoinShares report, Ethereum is now getting back on institutions’ radar.
BitMine has survived considerable market backlash regarding its Ethereum support, as the asset has fallen as much as 59% from its ATH of $4,953.73. However, the firm sees it as a rare buying opportunity.
Ethereum beyond price effect
BitMine is to Ethereum what Strategy Inc is to Bitcoin. Notably, beyond price action, Vitalik Buterin and the broader Ethereum Foundation are working to enhance the on-chain functionalities of the protocol.
With scheduled upgrades and milestones projected to scale the chain, the goal is to see Ethereum lead in real world asset (RWA) tokenization, stablecoins and, more recently, the push for AI agents.
Proponents are convinced that with a functional network, the ETH price will be a net beneficiary in the long term.
Source: https://u.today/tom-lees-bitmine-tops-ethereum-treasury-with-131-million-purchase
