BitMine Adds 48,049 ETH Worth $140 Million to Its Ethereum Balance

This week, BitMine, led by Fundstrat co-founder Tom Lee, once again increased its Ethereum reserves, taking advantage of a decline in the leading altcoin.

According to data from the Arkham platform, the firm acquired 48,049 ETH worth nearly $140 million from a FalconX hot wallet. It should be noted that the company has not officially confirmed this transaction.

However, on Monday BitMine reported that it holds 3,967,210 ETH purchased at an average price of $3,074 per altcoin. At current prices, the value of the company’s Ethereum assets is approximately $11.6 billion.

As the largest corporate holder of Ethereum, BitMine is executing its aggressive accumulation strategy by consistently purchasing ETH throughout the year. Confident that the leading altcoin will play an increasingly important role in the global financial system, the company’s management confirmed its long-term goal of accumulating 5% of the total circulating supply.

According to Tom Lee, the recent decline in Ethereum’s price represents the “best days for cryptocurrencies.” That is why, despite the ongoing market downturn, the company recently increased its purchase volumes, acquiring 240,711 ETH during the first two weeks of December.

At the time of writing, Ethereum was trading at $2,946. Over the past week, the digital asset has fallen by more than 12%.

See also: "Solana Approaches the Apex of a Triangle, Breakout Risk Increases"

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