On Monday, BitMine Immersion Technologies, which holds the most significant Ethereum reserves among firms, announced its largest weekly acquisition of ETH this year, surpassing the 5 million mark. The company purchased an additional 101,901 ETH in the past week, surpassing its previous record of 101,627 ETH from the week prior. This purchase included a notable transaction of 10,000 ETH over-the-counter from the Ethereum Foundation, which was revealed on Friday.
Currently, BitMine’s holdings amount to 5,078,386 ETH, valued at approximately $11.75 billion. “Achieving this milestone marks significant progress towards our goal of holding 5% of the total ETH supply,” stated BitMine Chairman Tom Lee. He added that reaching 5 million ETH in just ten months is remarkable.
Despite Ethereum’s stability over the past week with a trading price around $2,315, it has experienced an approximate 16% increase over the last month according to CoinGecko data, partly due to investor confidence following a Middle East ceasefire. Nonetheless, Ethereum is still more than 53% below its all-time high of $4,946 from August.
Lee remains optimistic about Ethereum’s future role as a store of value and collateral in financial transactions, citing recent research, including that by Etherealize, which supports this view. He noted Ethereum’s strong performance since the Iran War began, outperforming the S&P 500 by 1,696 basis points and ranking among the top-performing assets globally, alongside crude oil prices.
BitMine’s stock (BMNR) saw a minor decline of 0.3%, trading at $22.08 after opening.