Institutional purchases have resurfaced as the Ethereum price has fallen below the $3,000 level. BitMine, an Ethereum treasury company led by Fundstrat co-founder Tom Lee, seized the opportunity presented by the market pullback and made a new purchase of ETH worth approximately $140 million.
BitMine's Ethereum Purchase
As Ethereum-focused balance sheet strategies reshape institutional investors' perspectives on crypto assets, BitMine, one of the most aggressive players in this space, has once again attracted attention. The company, led by Fundstrat co-founder Tom Lee, reportedly continued its Ethereum purchases despite the recent market volatility.
According to information from on-chain data provider Arkham, BitMine purchased 48,049 ETH worth approximately $140.6 million. Onchain analysts EmberCN and Lookonchain stated that the purchase was made from a FalconX hot wallet. While this transaction has not yet been officially confirmed by BitMine, it aligns with the company's previously released financial data.
In an official announcement on Monday, BitMine revealed that the company, traded on the NYSE American, holds a total of 3,967,210 ETH in its treasury. These purchases, made at an average price of $3,074, have a current market value of approximately $11.6 billion. This makes BitMine the world's largest institutional Ethereum holder.
The company has pursued an aggressive strategy of accumulating Ethereum throughout the year. Purchases made in the first two weeks of December were particularly noteworthy. It is reported that BitMine acquired an additional 240,711 ETH during this short period. Coming at a time of increased selling pressure and weak investor sentiment, these moves demonstrate the company's focus on a long-term vision rather than short-term price fluctuations.
BitMine's long-term goal is quite ambitious. The company had previously publicly stated its aim to control 5% of the total Ethereum supply in circulation. This goal reflects a strong belief that Ethereum will not only be an investment vehicle but also a fundamental building block of the global financial system.
Tom Lee reiterated his optimism for the crypto markets in a statement on Monday. According to Lee, the "best days" for crypto are yet to come. Legal progress in Washington, increased regulatory clarity, and support from Wall Street are among the main pillars of Lee's optimism.
Ethereum price below $3,000
BitMine's recent Ethereum purchase coincided with a period when the ETH price fell below the $3,000 level. Ethereum traded around $2,926, up 0.24% in the last 24 hours, but recorded a weekly decline of approximately 12%. Despite this, the company's shares (BMNR) closed up 1.42% at $31.39 on Tuesday. The share price has gained over 551% in the last six months.
