biggest ether Ethereum$4,109.67 Financial firm Bitmine Technologies (BMNR) bought out last week’s drop in cryptocurrency prices, adding 202,037 tokens, or $828 million at current prices, to its holdings, the company reported on Monday.
“Cryptocurrency liquidations over the past few days have led to a decline in the price of ETH, which Bitmine has taken advantage of,” Bitmine Chairman Thomas Lee said in a statement.
He added: “Volatility creates deleveraging, where assets can trade at a deep discount to their fundamentals, or what we call a ‘deep discount to the future’, which benefits investors at the expense of traders.”
This purchase brings the company’s ETH holdings to over 3 million, or 2.5% of the crypto supply, achieving half of the company’s telegraph goal of acquiring 5% of all ETH on the market.
After Friday’s cryptocurrency flash crash, newly created addresses that “probably” belonged to Bitmine withdrew more than 128,718 ETH, or the equivalent of $480 million at the time, from exchange Kraken and prime broker FalconX, blockchain detective LooknChain noted on Saturday. Before that, Lookonchain believed that an additional 43,843 ETH worth of withdrawals may have come from Bitmine.
Although these addresses are not annotated as Bitmine’s on blockchain intelligence platforms such as Arkham, the amount of tokens roughly matches the company’s most recent holdings.
ETH fell from $4,500 on Thursday to $3,500 late Friday as US President Donald Trump announced a 100% increase in tariffs on Chinese goods in response to China’s tightening of export controls on rare earth metals. ETH has rebounded to $4,100 as of Monday.
BMNR rose 4.3% in pre-market trading after closing 11% lower at $52.47 on Friday.
