en.bitcoinsistemi.com
Another notable institutional purchase has taken place in the crypto market. Bitmine announced that it purchased 65,341 Ethereum last week. This purchase, worth approximately $138 million at current prices, is seen as a continuation of the company’s aggressive accumulation strategy in recent weeks.
Under the strategy led by the company’s Chairman, Tom Lee, Bitmine has gradually increased its purchasing pace over the past three weeks. Previously averaging around 50,000 ETH per week, the company has recently surpassed this level, accelerating its accumulation rate.
With this latest purchase, the company’s total Ethereum holdings have surpassed 4.66 million, reaching approximately 3.86% of the circulating supply.
Bitmine also increased its cash reserves to $1.1 billion. Company management states that this aggressive purchasing policy stems from the expectation that the ongoing downtrend in the crypto market is nearing its end.
Tom Lee stated that Ethereum is in the final stages of what he described as a “mini crypto winter.”
On the other hand, recent market downturns have also resulted in significant unrealized losses on the company’s balance sheet. According to the data, Bitmine’s total unrealized losses on Ethereum investments are approximately $7 billion.
Experts emphasize that such large-scale purchases are both a reassuring and risky strategy for the market.
*This is not investment advice.