Bitmain is back in the market; 10,399 more Ethereum added to its treasury

Bitmain is back in the market; 10,399 more Ethereum added to its treasury


Bitmine, the world’s largest institutional holder of Ethereum, continued its aggressive accumulation strategy by purchasing another 10,399 units of the cryptocurrency last week. With the new purchase, the company’s total assets have reached 5,797,813 Ethereum units, just a short step away from its target of 5.8 million units. The company’s total Ethereum assets are currently worth about $10.9 billion.

According to the company’s official statement, Bitmain’s total cash and digital investments now amount to $11.3 billion. The company, which was previously active in the Bitcoin mining sector, now holds 4.8% of the total circulating supply of Ethereum. This comes as rival firms such as Strategy have not only stopped buying Bitcoin but have also recently sold off some of their holdings, reinforcing Bitmain’s position as the leader in the cryptocurrency market. Bitmain CEO Tom Lee said in a press release that the company has been adding to its position every week since adopting an Ethereum treasury strategy in June of last year. He pointed to Ethereum’s outperformance over other assets, stressing that the cryptocurrency’s performance reflects the continued improvement in the fundamentals of its blockchain network. According to him, Ethereum has performed brilliantly in July.