As Ethereum continued to plunge significantly in its trading price, Tom Lee, the chairman of the world's largest Ethereum treasury firm, seized the opportunity to scoop up the asset at cheaper prices.
While Tom Lee is renowned for his continued advocacy for buying Ethereum regardless of the market condition, his latest move further proves his conviction in the leading crypto asset.
BitMine now owns 4.59% of Ethereum supply
According to recent data shared by Arkham Intelligence firm, BitMine has topped up its treasury with additional Ethereum tokens worth about $213.57 million.
While this move has further expanded the Ethereum treasury, it highlights BitMine's commitment to its aggressive Ethereum accumulation strategy which has persisted regardless of the market condition.
Following the latest Ethereum purchase, BitMine now accounts for about 4.59% of the circulating ETH supply as its Ethereum holdings currently sit at $9.32 billion worth of Ethereum.
BitMine buys Ethereum amid $10 billion paper loss
The massive purchase from BitMine has sparked discussions across the crypto community not just because of the market condition at the time of the purchase but also because of its resilience in the midst of a huge paper loss.
Following the recent market downturn where Ethereum fell back to levels not seen in many months, BitMine has suffered an unrealized loss of over $10 billion.
With its holdings being severely underwater, many feared that the firm would slow down and take caution on its aggressive accumulation strategy.
However, the case was the other way around for BitMine as the firm has held strong to its weekly purchases even while it is yet to recover any of its losses.
With its steady Ethereum purchases, BitMine is close to owning 5% of Ethereum's circulating supply as it would only need to acquire about $819.86 million worth of additional ETH to reach this milestone.
U.Today Editorial Team
Dan Burgin
