According to the latest on-chain data, Bitmine sees the recent market downturn as an opportunity to further expand its exposure to Ethereum, the second-largest cryptocurrency by market capitalization. With two separate new purchases, the Ethereum treasury company expanded its holdings of Ether tokens worth more than $199 million.
BitMine currently holds 3.08% of the total Ether supply
In a recent post on social media platform X, blockchain data company Lookonchain revealed that BitMine has acquired $199 million worth of Ethereum in the past two days. This new round of accumulation included two separate purchases. 41,946 ETH worth $130.78 million on Friday, December 5th, and 22,676 ETH worth $68.67 million on Saturday, December 6th.
This latest acquisition brings Ethereum Treasury’s holdings to around $11.3 billion, solidifying its position as the world’s largest corporate holder of Ether. Bitcoin, which has been continuously accumulating the largest altcoins over the past few months, currently holds about 3.08% of the total supply of Ether.
It’s worth noting that BitMine’s market aggression comes while the hype surrounding digital asset vaults (DATs) has subsided. Shareholders are losing significant amounts of value as crypto acquisitions slow down among treasury companies while the market downturn continues to impact crypto stocks as well.
However, BitMine’s overall performance has been so impressive that the company announced its intention to pay shareholders the first dividend in crypto history. Interestingly, the Ethereum treasury company holds close to $900 million in cash, which could be used to purchase additional ETH.
Ethereum whales benefit while BitMine buys a squeeze
BitMine’s continued accumulation of Ether is evidence of the company’s confidence in the long-term promise of the token. However, this aggressive purchasing activity is somewhat in the opposite direction of what market trends suggest.
Ethereum price has undergone a gradual correction from the recent local high of around $3,200, and is hovering around $3,000. According to on-chain data, mid-sized whales (holding between 1,000 and 10,000 ETH) continue to put significant selling pressure on the market.
On the other hand, Alpharactal also revealed that large whales (over 10,000 ETH) remain much more neutral and calm, showing only the distribution of light.
Whales are typically considered some of the most influential investors in the market, as their movements often provide insight into a coin’s trajectory. Although BitMine counts as a whale due to its large holdings, it is interesting to see the company moving in the opposite direction to other relevant market participants.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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