Bullish! BitMine Buys 110,288 ETH for $400M Amid Market Recovery

Amid the recent crypto market volatility, renowned crypto miner BitMine has displayed unwavering confidence in the world’s second-largest cryptocurrency, ETH. As revealed in its recent press release, it did not pause its Ether acquisition in the past business week. Instead, the company went shopping, boosting its reserves by an additional 110,288 ether.

According to data from Strategic ETH Reserve, BitMine still maintains its position as the world’s leading institutional ETH holder. Its closest competitor is SharpLink, an online performance-based marketing firm, which holds approximately 860,000 ETH.

BitMine Isn’t Stopping

For its latest purchase, data from the crypto analyst, On-chain Lens, shows that BitMine spent approximately $400 million. The purchase boosts BitMine’s holdings to 3,505,723 ETH. Since it has been acquiring crypto for some time now, amid various market conditions, its average purchase price per ETH is $3,639.

At the time of writing, ETH trades around $3,560. Hence, BitMine still sits in losses on its ETH holdings. However, this has not stopped the firm from scooping up the crypto asset. It still aims to acquire 5% of the total circulating ETH supply, of which it has covered approximately 2.9% so far.

Commenting on the firm’s ETH purchase consistency and display of confidence, Tom Lee of Fundstrat, BitMine’s Chairman, said,

“The recent dip in ETH prices presented an attractive opportunity, and BitMine increased its ETH purchases this week. We acquired 110,288 ETH tokens over the past week, 34% more ETH acquired compared to the week prior. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”

Moreover, due to BitMine’s ETH reserve, it has attracted many pro-crypto investors. Hence, its BMNR has become one of the most widely traded stocks in the U.S. financial market.

ETH Recovers Above $3,500

The last quarter of 2024 has not been favorable for ETH and other cryptocurrencies, as several factors have driven their prices to new lows. However, the past few days have built bullish momentum with ETH gaining ground above the $3,500 mark. 

Notably, this uptrend can be attributed to the recent U.S. Senate decision to lift the ongoing shutdown. When these authorities resume their operations, the crypto community expects several crypto-related legislations that could drive the crypto surge even higher; thus, investors have resumed buying to join the queue for future profits.