LONDON (IT BOLTWISE) – BitMine recently made a significant investment in Ether after the crypto market experienced one of the biggest deleverages of the year. The company sees the current price shift as an attractive opportunity to benefit from an expected super cycle. With the goal of holding 5% of the total Ether supply, BitMine has already acquired over 3.3 million tokens.
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BitMine, a leader in the cryptocurrency space, recently made a significant investment in Ether. This decision came after one of the biggest de-leveraging events in the crypto market this year. BitMine Chairman Tom Lee stated that Ether’s current price levels represent an attractive opportunity, especially in light of the expected super cycle for Ethereum.
Lee emphasized that open interest in Ether is at the same level as on June 30 this year, when the price was at $2,500. Given the current market situation, he sees the price shift as a favorable risk-reward ratio. BitMine recently invested an additional $250 million in Ether, bringing the company closer to its goal of holding 5% of the total Ether supply.
The investment was made through crypto exchanges Bitgo and Kraken, according to data from blockchain analytics platform Arkham Intelligence. With over 3.3 million tokens held, representing over $13 billion in value, BitMine now holds 2.74% of the total Ether supply. This strategic decision underlines the company’s confidence in the long-term appreciation of Ether.
BitMine is currently the largest company with an Ether treasury, well ahead of the next publicly traded company SharpLink Gaming. Institutional demand for Ether is steadily growing, and the total amount of tokens held by treasury companies is now over 5.74 million, representing 4.75% of the total supply. This development shows the increasing interest of institutional investors in Ethereum and its potential for future growth.
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