Key Highlights
- BitMine received 104,336 ETH, totaling $417 million, across new wallet addresses.
- Tom Lee emphasizes Ethereum as a “truly neutral” chain likely favored by Wall Street and government.
BitMine Immersion Technologies has successfully added 104,336 ETH to its corporate treasury, valued at $417 million as of Wednesday. Using data from Lookonchain, it was noted that the ETH was acquired through multiple transactions involving wallets from Kraken and BitGo, although BitMine has yet to confirm these details officially.
With this acquisition, BitMine’s total Ethereum holdings now exceed 3.03 million ETH, worth approximately $12.2 billion, cementing its position as the largest ETH treasury and the second-largest crypto treasury overall, following Michael Saylor’s Strategy.
Future Outlook for Ethereum
BitMine aims to accumulate 5% of Ethereum’s total supply and is dedicated to enhancing Ethereum’s functionality within financial market services. Tom Lee has reiterated his support for Ethereum, asserting its foundational neutrality. During a discussion at the recent Korea Blockchain Week conference, he stated that major financial players and governmental bodies are likely to support Ethereum in future blockchain initiatives due to its neutrality.
Market Conditions
Despite BitMine’s significant acquisition, the Ethereum market has faced challenges, with ETH witnessing an 8.7% decrease over a week, currently priced at $4,028, which is 18.5% below its all-time high of $4,946. The broader cryptocurrency market appears restrained following one of the largest liquidation events in crypto history, affecting billions in assets. Yet, analysts remain optimistic about persistent fundamental strengths for future growth.
“Those impacted by the liquidation are often crypto enthusiasts who uphold their belief in crypto as a viable asset class,” noted Paul Howard, senior director of Wincent. “These individuals are not leaving the market.” Consequently, the resilience of cryptocurrency continues to drive interest in innovative solutions, such as GOPayments, which simplifies the process of accepting Bitcoin payments and supports the broader trend of crypto adoption.