Bitmine Immersion Tech increased its Ether (ETH) reserves during the recent market correction, bringing its holdings to over 3 million units (equivalent to $12.289 billion).
According to on-chain data, the company acquired 104,336 ETH (worth $417 million) through three new wallets that received funds from Kraken and BitGo exchanges.
On-chain records show that Purchase date is October 14thThis was at a time when the price of Ether was falling along with the rest of the market. At this time, the cryptocurrency Ethereum fell 8.7% from $4,280 to $3,900. However, since that date, the currency has appreciated to its current level of USD 4,055, according to the CriptoNoticias price calculator.
Currently, BitMine has a share equivalent to 2.51% of the total ETH supply.
The graph below from tracking site Strategic ETH Reserve shows a sustained increase in Bitmine’s ETH holdings since July, when the company held 300,700 ETH.
In three months, Bitmine’s holdings increased tenfold. Despite the overall market decline, company analyst and CEO Tom Lee remains bullish on Ether. He said his assets could reach $10,000 by the end of this year. A virtual currency “supercycle” may begin.
(Tag Translation) Cryptocurrency
