- Bitmine Immersion acquired 14,618 ETH worth $44.34 million through BitGo wallet on Friday.
- Company now holds 3.6 million ETH, representing approximately 3% of total Ethereum supply.
Bitmine Immersion Technologies added to its strategic stash of Ethereum with one more acquisition that was worth over $44 million on Friday. The company listed on NYSE American bought 14,618 ETH via a BitGo hot wallet transaction, as per on-chain data. The company, which has the support of Tom Lee, is holding around 3.6 million ETH tokens now, which is roughly 3% of the total circulating supply of Ethereum. With a market cap of $12.19 billion and crypto assets worth $11.2 billion, the company is trading at a slight premium.
Aggressive Accumulation Strategy Continues
This newest purchase is part of a bitmine immersion aggressive pattern of ethereum accumulation throughout market conditions in novembers. The company showed consistent buying activity when it purchased 28,625 ETH valued at $82.11 million earlier in the week.
A day just before that transaction, the firm got another 21,537 ETH approximately worth $60 million from FalconX exchange. These consecutive purchases highlight the company’s conviction in Ethereum’s long-term value proposition despite recent market volatility.
The purchase spree is in line with the regained momentum of U.S. spot ethereum exchange-traded funds, especially products from BlackRock and Fidelity. These institutional investment vehicles recorded significant inflows before the Thanksgiving holiday, signaling broader market interest in the asset.
Bitmine Immersion’s stock was very well received by investors, as evidenced by the 9.79% increase in the last trading session on Wednesday when shares were exchanged at $31.74. During the after-hours trading, the stock went up by another 3.65% and this was mainly due to the institutional ownership that has been increasing and has now reached a level of more than 10 million shares.
The price of Ethereum is holding at $3,019, representing an almost 15% increase over the past week, during which bulls have been defending the important $3,000 level. The data from the derivatives market shows that the sentiment is becoming more and more positive as the futures open interest has been going up by 0.71% to $36.20 billion during the last few hours.
According to the ETH/BTC daily chart pattern, a breakout might occur after the RSI divergence. If the levels remain above $3,000 after the week’s close, a move higher toward the $3,300-$3,400 range may be triggered.
There was a 31% decrease in trading volume in the last 24 hours, which indicates that traders are taking a cautious approach to the cryptocurrency options expiry that is happening today.
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