- BitMine Immersion Technologies recently acquired an additional 23,823 ETH, valued at about US$103.7 million, according to on-chain data.
- With this new acquisition, BitMine’s total treasury now holds approximately 2.83 million ETH, worth an estimated US$12.4 billion.
- Led by Fundstrat co-founder Tom Lee, BitMine is now the largest Ethereum holder globally and the second-largest overall crypto treasury after MicroStrategy’s Bitcoin reserve.
BitMine Immersion Technologies expanded its Ethereum holdings with a new addition of 23,823 ETH, valued at roughly US$103.7 million (AU$163.5 million), according to on-chain data tracked by Arkham and Lookonchain.
The ETH reportedly came from a BitGo wallet to the address “0xF8c…338E7,” which Lookonchain attributed to BitMine, though the company has not publicly confirmed the transaction.
With the new inflow, BitMine’s total treasury stands at about 2.83 million ETH, worth an estimated US$12.4 billion (AU$19.5 billion). A month ago, the firm added around US$200 million (AU$304M).
All in all, the firm led by Fundstrat co-founder Tom Lee is now the largest Ethereum holder globally and the second-largest overall crypto treasury, trailing only Michael Saylor’s MicroStrategy Bitcoin reserve.
Related: Altcoin Season on the Ropes? Why “Uptober” Isn’t a Guarantee This Year
Volatility Ahead
Lee has made it clear he’s nothing but bullish when it comes to Ethereum, predicting a US$15K (AU$23K) price by the end of the year. Consensys CEO Joseph Lubin shares Lee’s bullishness, as he believes the Ethereum network will become a central hub for major financial firms.
But things can change pretty quickly in this market. Back in September, Lee warned that Q4 could bring serious turbulence — and he wasn’t wrong. The crypto market wiped out over US$500 billion (AU$762 billion) in value virtually overnight, marking one of the most brutal crashes in its history.
The crash was triggered after US President Donald Trump threatened China with 100% tariffs in retaliation for restrictions on rare earth mineral exports. Not even 24 hours had passed and nearly US$20 billion (AU$30.7 billion) in positions were liquidated.
BTC is now trading at US$115.4K (AU$175K), a 3.8% increase in the last 24 hours, while Ethereum bounced higher, with a 10% increase, now trading at US$4.1K (AU$6.2K)
Related: DeFi Development Corp Partners with Superteam Japan to Launch First Solana Treasury Project
Credit: Source link
