Bitmine Buys Another 10,399 ETH, Treasury Nears 5.8 Million Coins

Chairman Tom Lee argued that ETH's recent outperformance signals strengthening crypto fundamentals. Bitmine Immersion Technologies, the largest global owner of ETH, has continued with its aggressive accumulation strategy by adding 10,399 coins over the past week. Its treasury has consistently increased over the past year and now stands at 5,797,813 ETH – just shy of the 5.8 million milestone. Another Big Purchase The press release shared by the former BTC miner reads that its crypto holdings, cash, and other investments total approximately $11.3 billion. Ethereum’s stash alone is currently valued at around $10.9 billion given the asset’s retreat from over $1,900 to under $1,850. Bitmine holds 4.8% of Ethereum’s circulating supply and cemented its position as the largest corporate holder of the asset. Moreover, it has reduced the gap with the overall leader in the cryptocurrency space, Strategy. The Saylor-co-founded company has not only halted its BTC purchases, but has just announced its third sale of the year. According to Bitmine Chairman Tom Lee, the firm has increased its ETH position every single week since it adopted the Ethereum treasury strategy on June 30 last year. Speak...