BitMine buys ethereum dip, scooping up 202,000 tokens and bringing its total to over 3 million
The company now owns 2.5% of the cryptocurrency’s supply and is sitting on a pile worth over $12 billion.
The largest ethereum treasury firm took advantage of the weekend correction to build up its crypto treasury.
BitMine Immersion Technologies announced on Monday that its holdings stand at more than 3 million ethereum tokens worth $12.6 billion, an increase of more than 202,000 tokens from last week. The firm’s stack now makes up 2.5% of ethereum’s total supply.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” BitMine Chairman Tom Lee said in a press release.
“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future’ and this creates advantages for investors, at the expense of traders,” Lee added.
On Friday evening, total liquidations across several centralized exchanges were above $19 billion in a 24-hour period, the most in a single day, data pulled from CoinGlass shows.
The price of ethereum slumped to as low as $3,686 on Sunday, but has since rebounded to around the $4,100 level. Meanwhile, spot ethereum ETFs registered $174.8 million in outflows on Friday, bringing down total inflows last week to about $488.3 million, per SoSoValue.
