Last week эфириум- treasury company BitMine bought ETH for $205 million, thus accumulating 3,63 million altcoins worth $11,8 billion at the current exchange rate.
According to a report published on November 24, BitMine holds 3% of the issued Ethereum and $800 million in fiat currency. Therefore, it is safe to assume that the company will continue to invest in ETH to accumulate 5% of the coins created and thus achieve the goal set by the company’s CEO, Tom Lee.
Remarkably, despite the recent drop in Ethereum’s price, BitMine’s cryptocurrency investments generated an unrealized gain of 3%. This is because the company acquired the digital asset at an average price of $2,840, while it currently trades at $2,925. Furthermore, BitMine holds the second spot on the list of leading cryptocurrency treasuries, trailing only Strategy, which holds $56,58 billion worth of Bitcoin.
BitMine (ticker BMNR) is ranked among digital asset investors.
The decline in the Ethereum cryptocurrency price observed last week reflects liquidity issues that arose on October 10th, as well as technical indicators, which remain weak. Several weeks ago, we predicted that the ETH price would likely fall to around $2,500, and that prediction has almost come true, said Tom Lee.