The world’s largest Ethereum treasury, BitMine, has continued to stack up on Ethereum despite growing uncertainties surrounding the asset’s price potential, as it continues to show mixed price action amid weak market momentum.
While the company’s chairman, Tom Lee, has often advocated for relentless buying regardless of market conditions, BitMine has continued to expand its Ethereum treasury in the face of several volatilities.
BitMine buys 67,111 ETH
Following its commitment to doubling down on the second largest cryptocurrency by market capitalization, BitMine purchased an additional 67,111 ETH on Wednesday, March 25.
Based on Ethereum’s trading price at the time the transactions were executed, the latest purchase was worth about $145 million.
While the latest ETH acquisition has significantly boosted BitMine’s fast-expanding Ethereum treasury, the company’s total Ethereum holdings have now reached a massive 4.66 million ETH, worth about $10 billion at current market prices.
BitMine’s acquisition came at a time when the asset has slowed down from its recent price rally, showing a decent decrease of 0.23% in its price over the past day.
BitMine about to acquire 4% of ETH supply
With its steady Ethereum purchases, BitMine is gradually moving closer to taking over 4% of Ethereum’s total supply. Its Ethereum holdings, as of now, currently account for 3.86% Ethereum’s circulating supply.
At its current Ethereum accumulation pace, the crypto community expects that BitMine will eventually acquire 4% of Ethereum’s total supply before the month runs out, or by April, as only $359 million worth of Ethereum is needed to hit the target.
Dan Burgin
Vladislav Sopov
