BitMine Buys the Dip, Scoops Up 202,037 ETH Amid Market Crash

U.S.-based publicly-traded crypto mining firm, BitMine Immersion Technologies, has taken a step to cement its position in the institutional crypto investors leaderboard. As revealed in a recent press release, it scooped up 202,037 ETH over the weekend, boosting its reserve to about 3.o3 million units of the world’s second-largest cryptocurrency.

Following the purchase, BitMine has further solidified its place as the world’s top institutional ether holder. It also sits as the second-largest crypto reserve company, trailing Strategy, which holds 640,250 bitcoin, worth over $70 billion.

BitMine Buys the Dip

A few hours after BitMine’s last 23,823 purchase on Friday, the crypto market witnessed a massive price decline, which dragged Ether’s price down to $3,400. Many investors closed their positions in fear. However, BitMine, with the long term in view, saw the dip as an opportunity to purchase more ETH.

By scooping up 202,037 ETH, the company now holds 3,032,188 ETH, over 2.5% of the total ether supply in its reserve. Its all-time average purchase price sits at $4,154 per ETH after the purchase.

BitMine’s Chairman, Tom Lee of Fundstrat, is bullish on ETH. He recently predicted that ETH would surge to trade around $5,500 per coin before October runs out.

Commenting on the firm’s latest display of ether confidence, he said:

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”

At press time, ETH trades around $4,200; thus, BitMine’s ether bag is valued at $12.7 billion. Meanwhile, if ETH recovers to its all-time high around $4,950, it would be worth over $15 billion.

BMNR Reacts to Massive Buy

Data from Google Finance shows that the purchase announcement had a positive impact on BitMine’s stock, BMNR. Within the past 24 hours, many pro-crypto investors have filled their bags with BMNR shares, causing it to rise by over 7% to trade at $56.3 at the time of writing.

Meanwhile, BitMine’s crypto reserve comprises mainly, but is not limited to, ETH. It holds 192 bitcoin, valued at over $22 million. It also has indirect exposure to Worldcoin (WLD) through its $132 million stake in Eightco Holdings, a WLD treasury company.

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