Ethereum’s latest market movements are drawing attention again as BitMine Technologies expands its holdings despite ongoing volatility. On-chain data from Lookonchain revealed that BitMine purchased another 104,336 ETH, worth about $417 million, within seven hours through three newly created wallets. The tokens reportedly came from Kraken and BitGo.
This fresh acquisition followed the company’s massive $828 million purchase last week, proving BitMine’s aggressive accumulation strategy remains intact despite recent price turbulence.
BitMine strengthens its Ethereum position
According to BitMine Chairman Thomas Lee, the firm used the latest price dip to accumulate more ETH. “The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” he said. Lee further explained, “Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals.” Hence, BitMine views these pullbacks as ideal buying opportunities.
Moreover, these purchases have brought BitMine’s total ETH holdings to over 3 million, roughly 2.5% of the token’s total supply. The company aims to secure 5% of all ETH in circulation.
Following Friday’s crypto flash crash, BitMine-linked wallets bought additional 128,718 ETH, valued at about $480 million, from Kraken and FalconX. Lookonchain also attributed another 43,843 ETH in withdrawals to BitMine, further reinforcing the company’s rapid accumulation trend.
Increased institutional interest
Institutional appetite for Ethereum continues to expand. According to Bitwise, most of the Ethereum owned by public companies was bought in just the last three months. In total, these firms now hold about 5.90 million ETH, worth roughly $23.72 billion, as per Strategic ETH Reserve data.
According to CoinMarketCap, Ethereum is currently priced at about $4,003, down 2.49% in the last 24 hours. Trading activity remains strong, with more than $46 billion worth of ETH. Meanwhile, Yahoo Finance data shows that BitMine’s stock closed at $53.80, gaining 1.66% during the day, but it dropped slightly after trading hours.
BitMine’s ongoing Ethereum buying shows that big investors still believe in crypto’s future. Even when prices fall, they see it as a smart time to buy more for the long run.
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