Bitmine Immersion adds $65.3 million worth of ETH to its holdings.
It just bought 12,665 ETH, bringing it closer to its 5% ETH supply accumulation goal
The entity now holds 1,881,639 ETH worth around $8.4 billion.
Bitmine Immersion adds another $65.3 million worth of ETH to its holdings, bringing the entity’s total ETH holdings to 1,881,639 ETH, valued at $8.4 billion. The firm shows no signs of slowing down its ETH accumulation strategy and continues to aggressively accumulate the pioneer altcoin, Ethereum (ETH). These swift ETH accumulation moves bring the entity closer to its goal of holding 5% of the total ETH supply
Bitmine Immersion Adds $65.3 Million Worth of ETH to Its Holdings
As the price of the pioneer altcoin Ethereum (ETH) continues to trade between the $4,300 and $4,400 price range, ETH accumulating entities take the sideways price action as a golden opportunity to accumulate. This ETH accumulation race began just earlier this year, a vast difference from the last bull cycle, when institutions, governments, and firms were only accumulating BTC.
In fact, the last bull cycle mostly saw only BTC accumulations from El Salvador and Michael Saylor’s Strategy. Financial institutions only began to accumulate BTC during this bull cycle after the success of Bitcoin ETFs. Similarly, this bull cycle saw a great spike in institutions accumulating Ethereum (ETH), the pioneer altcoin asset, only after the success of Ethereum ETFs. Specifically, some entities have started accumulating more ETH than BTC over the last few months.
One such entity is Bitmine Immersion, the company that rebranded to become a complete ETH Treasury company. To highlight, the entity swapped all its BTC to Bitcoin and began to furiously accumulate ETH at an extremely rapid pace. So fierce is their ETH accumulation strategy that it's already outperforming the pace at which Michael Saylor’s Strategy accumulated Bitcoin (BTC)
The Entity Holds a Total of $8.4 Billion Worth of ETH
Bitmine Immersion is led by its Chair, Tom Lee, and Lee believes that ETH has the potential to hit an absurd target of $60,000 - $62,000 per Ethereum token. With high targets like this in mind, Lee is steering Bitmine Immersion to become the top ETH Treasury, and is already at an exceptional lead. In just a short time, the entity has accumulated over 1.5% of the total ETH supply.
As we can see from the post above, Bitmine Immersion adds another 14,665 ETH worth $65.3 million, bringing its total holdings to 1,881,639 ETH worth around $8.4 billion. This brings the entity closer than ever to its final goal of owning 5% of the total ETH supply. With the price of ETH currently trading in the $4,300 price range, chances for Bitmine to announce another quick ETH buy won’t be a surprise
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Bitmine Immersion Adds $65.3 Million Worth of ETH to Its Holdings, Bringing Total Value to $8.4 B...
Bitmine Immersion adds $65.3 million worth of ETH to its holdings.
It just bought 12,665 ETH, bringing it closer to its 5% ETH supply accumulation goal
The entity now holds 1,881,639 ETH worth around $8.4 billion.
Bitmine Immersion adds another $65.3 million worth of ETH to its holdings, bringing the entity’s total ETH holdings to 1,881,639 ETH, valued at $8.4 billion. The firm shows no signs of slowing down its ETH accumulation strategy and continues to aggressively accumulate the pioneer altcoin, Ethereum (ETH). These swift ETH accumulation moves bring the entity closer to its goal of holding 5% of the total ETH supply
Bitmine Immersion Adds $65.3 Million Worth of ETH to Its Holdings
As the price of the pioneer altcoin Ethereum (ETH) continues to trade between the $4,300 and $4,400 price range, ETH accumulating entities take the sideways price action as a golden opportunity to accumulate. This ETH accumulation race began just earlier this year, a vast difference from the last bull cycle, when institutions, governments, and firms were only accumulating BTC.
In fact, the last bull cycle mostly saw only BTC accumulations from El Salvador and Michael Saylor’s Strategy. Financial institutions only began to accumulate BTC during this bull cycle after the success of Bitcoin ETFs. Similarly, this bull cycle saw a great spike in institutions accumulating Ethereum (ETH), the pioneer altcoin asset, only after the success of Ethereum ETFs. Specifically, some entities have started accumulating more ETH than BTC over the last few months.
One such entity is Bitmine Immersion, the company that rebranded to become a complete ETH Treasury company. To highlight, the entity swapped all its BTC to Bitcoin and began to furiously accumulate ETH at an extremely rapid pace. So fierce is their ETH accumulation strategy that it's already outperforming the pace at which Michael Saylor’s Strategy accumulated Bitcoin (BTC)
The Entity Holds a Total of $8.4 Billion Worth of ETH
Bitmine Immersion is led by its Chair, Tom Lee, and Lee believes that ETH has the potential to hit an absurd target of $60,000 - $62,000 per Ethereum token. With high targets like this in mind, Lee is steering Bitmine Immersion to become the top ETH Treasury, and is already at an exceptional lead. In just a short time, the entity has accumulated over 1.5% of the total ETH supply.
As we can see from the post above, Bitmine Immersion adds another 14,665 ETH worth $65.3 million, bringing its total holdings to 1,881,639 ETH worth around $8.4 billion. This brings the entity closer than ever to its final goal of owning 5% of the total ETH supply. With the price of ETH currently trading in the $4,300 price range, chances for Bitmine to announce another quick ETH buy won’t be a surprise