BitMine Immersion Technologies (BMNR), a publicly traded Ethereum-focused company chaired by Tom Lee, has once again doubled down on its regular Ethereum purchase despite the weak market condition.
On Saturday, Dec. 6, data from on-chain monitoring platform Lookonchain shows that a wallet address belonging to the firm has raised 22,676 ETH worth $68.67 million from a Bitgo hot wallet a few hours ago.
The transfer, which has turned heads among market watchers, is interpreted to be one of the firm’s long-term Ethereum accumulations rather than just short-term trading activity.
BitMine buys the dip as Ethereum retests $2,900
While BitMine is known for its consistent large-scale Ethereum accumulation, its latest purchase has sparked discussions across the crypto community as it has come when the broad crypto market is experiencing a notable downturn.
The move suggests that the treasury may be buying the dip on Ethereum, increasing its already large Ethereum reserve at a cheaper price.
This is not a surprise as the treasury’s chairman, Tom Lee, is renowned for his consistent advocacy for Ethereum. While he has remained firm in his belief that short-term market drawdowns are buying opportunities that should not be ignored, the firm's latest purchase aligns with the narrative.
Notably, the large Ethereum purchase witnessed today has come less than a day after another large buy was spotted from BitMine. The Ethereum treasury had scooped about 41,946 ETH worth $130.78 million from a FalconX hot wallet on Friday in two separate transactions.
BitMine buys 64,000 ETH in one day
In total, BitMine has accumulated over 64,000 ETH worth about $199 million within 24 hours, signaling its resilience and unwavering conviction in Ethereum and its potential outlook.
Nonetheless, the purchase came after Ethereum slowed down on its recent resurgence, dramatically moving back to the red zone amid the broader market drawdown.
Over the last day, data from CoinMarketCap shows that Ethereum has plunged 3.22%, retreating back to the $2,900 level earlier today. Nonetheless, it is now trading at $3,029 as of writing time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team