Publicly traded treasury firm BitMine adds 26,497 ETH while its Bitcoin-focused counterpart liquidates $2.5 million in BTC.
BitMine Immersion Technologies acquired 26,497 ETH worth $52 million, expanding its Ethereum holdings to 5.42 million tokens. The purchase comes as ETH trades at $1,967, below the $2,000 threshold for the first time since late March.
The firm’s Bitcoin-focused counterpart, Strategy, sold $2.5 million in BTC to fund dividend-paying preferred stock. BitMine now controls 4.48% of Ethereum’s circulating supply, valued at over $10.6 billion. Last week’s purchase marks a slowdown from its record 112,000 ETH buy earlier in the month.
BitMine Chairman Tom Lee stated ETH prices underestimate improving fundamentals, though the firm may reduce its aggressive accumulation pace to avoid hitting its 5% supply target too soon.