BitMine Immersion Technologies, a company funded by the co-founder of Fundstrat Tom Lee, achieved a significant milestone by extending its lead as the biggest Ethereum treasury in the world with a roughly $113 million ETH haul this week. The on-chain statistics show that BitMine’s overall Ethereum stockpiles have gone over 3.3 million ETH, which is around $13.2 billion.
Lookonchain, through Arkham data, informs that the wallet “0xDc8…3a07f” from BitGo on Tuesday was the place where BitMine, referring to the data, saw the purchase was made. Even if BitMine hasn’t confirmed the transaction outright, the on-chain change is a clear signal that the company has made a big jump in its Ethereum portfolio. This buying spree is consistent with the announcement made by BitMine on Monday stating that it had already gone beyond 3.3 million ETH in its treasury holdings.
BitMine’s tactical hoarding of Ethereum is just one of the ways the company is planning on sticking to the blockchain infrastructure and financial technology for the next ten years. The organization enjoys the support of a handful of heavyweight institutional investors, like Cathie Wood’s Ark Invest, Bill Miller III, Digital Currency Group (DCG), Founders Fund, Galaxy Digital, Kraken, and Pantera Capital. These alliances not only stabilize the company’s position but also signal the mounting inflow of institutional capital into Ethereum as the base layer of the digital asset ecosystem.
BitMine revealed that its objective was to hold up to 5% of the total circulating supply of Ethereum, thus, indirectly making BitMine a key player in the long-term adoption and use of the asset. The company’s management sees Ethereum as a vital network for delivering financial market innovations and decentralized services.
Tom Lee has been a strong supporter of Ethereum’s future vision. He said that in the coming days, large Wall Street institutions and U.S. regulators will be on the same side with Ethereum when it comes to blockchain-based applications. He pointed out Ethereum’s neutrality as a fundamental reason for its increasing institutional attractiveness and regulatory friendliness.
According to the latest market information, Ethereum has lost 2.36% in the last 24 hours and is currently trading close to $4,000. Long-term, BitMine’s ongoing growth is consistent with a sustained institutional accumulation trend in the Ethereum ecosystem.
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