BitMine Buys 29,462 Ether, Holdings Reach 4.07 Million

BitMine Immersion Technologies, the cryptocurrency firm chaired by investment strategist Tom Lee, added 29,462 ether to its holdings on Monday, acquiring the tokens worth approximately $88 million through the BitGo and Kraken exchanges. The purchase, detected through on-chain data, brings the New York Stock Exchange-listed company's total ether reserves to 4,066,062 tokens, valued at roughly $12 billion at current prices and representing about 3.4 percent of Ethereum's circulating supply.

The acquisition follows BitMine's announcement earlier that day of buying 98,852 ether the previous week, continuing a pattern of steady accumulation despite recent market turbulence. Ethereum's price hovered around $2,955 on Tuesday, down 2.3 percent for the session after dipping below $2,800 earlier in the week. The tokens were purchased at an average price of $2,991 each, positioning BitMine as the largest corporate holder of the cryptocurrency worldwide, surpassing competitors like SharpLink Gaming, which controls about 859,000 ether.

BitMine launched its ether treasury strategy on June 30, 2024, aiming to acquire 5 percent of Ethereum's total circulating supply. The company, which...