1 week ago
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BitMine Immersion Technologies, the apical Ethereum treasury institution ranked by holdings, announced that it purchased 138,452 ETH past week, oregon astir $429 cardinal worthy based connected the existent terms of the second-largest cryptocurrency by marketplace cap.
That brings the company’s ETH holdings to 3.864 million, oregon astir $12 cardinal worth, on with 193 Bitcoin ($17.3 cardinal worth) and $1 cardinal successful cash.
It’s the company’s largest Ethereum acquisition successful astir 2 months, since buying implicit 200,000 ETH successful a acquisition announced connected October 19. BitMine banal is up astir 2.5% connected the time pursuing the Monday announcement, astatine a caller terms of $34.90.
Ethereum has shown 1 of the biggest gains implicit the past week among the starring cryptocurrencies, rising astir 11% during the span. It’s up much than 3% connected the day, precocious trading for astir $3,114. Bitcoin, by comparison, has climbed astir 7% connected the week and 1% implicit the past 24 hours.
Users connected Myriad—a prediction marketplace operated by Decrypt's genitor company, Dastan—aren't afloat convinced that Ethereum volition proceed surging, presently giving ETH's adjacent halt a 46% accidental of being $4,000 alternatively than $2,500.
BitMine Chairman Tom Lee attributed this assertive buying to assurance successful Ethereum's aboriginal prospects, citing respective affirmative catalysts: the caller Fusaka upgrade improving scalability and security, the Federal Reserve's expected complaint chopped and extremity to quantitative tightening, and betterment from October's marketplace volatility.
Lee remains bullish connected prospects for the crypto industry, contempt 2 months of volatility aft Bitcoin acceptable a caller all-time precocious terms supra $126,000 successful aboriginal October.
"The champion years are up for crypto fixed the important upside to existent adoption rates for crypto and fixed the coming translation arsenic Wall Street tokenizes everything onto the blockchain,” helium wrote successful a statement.
Strategy Drops Nearly $1 Billion connected Bitcoin, Marking Largest BTC Buy successful Months
BitMine holds the world's largest Ethereum treasury and ranks arsenic the second-largest planetary crypto treasury down Strategy, which holds astir $60 cardinal successful Bitcoin. Strategy besides announced a large acquisition connected Monday, adding nearly $1 cardinal worthy of Bitcoin successful its biggest play bargain successful months.
BitMine is positioning itself for what Lee calls a "crypto supercycle," predicting beardown show successful 2026 driven by expanding adoption and Wall Street's clasp of tokenization. Additionally, BitMine is processing the Made successful America Validator Network (MAVAN), described arsenic a best-in-class staking infrastructure solution scheduled for deployment successful aboriginal 2026.
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