Bitmine buys Ethereum dip: buys 400 million

While the major crypto reserve companies remain noticeably quiet, Bitmine is making itself heard. The company purchased an additional $400 million worth of Ethereum (ETH) this week, strengthening its position as the largest public ETH holder in the world. The rest of the market? For the time being, he is watching the cat out of the tree.

Bitmine increases Ethereum position

Bitmine has announced in a new press release that it has purchased 110,000 Ethereum (ETH), worth approximately $400 million. This increases the company’s total ETH supply to over 3.5 million units – almost 3 percent of the entire circulating supply. An unprecedented share for one player.

At the current rate of $3,500 per ETH, this represents a value of approximately $12.4 billion. In addition, Bitmine owns 192 Bitcoin (BTC) and a cash position of $398 million.

Since launching its ETH strategy in April 2024, Bitmine has grown to be by far the largest public Ethereum holder in the world. No less than 57 percent of all ETH held by listed companies is now registered in the name of Bitmine. The ultimate goal? Owning five percent of the total supply – an internal endeavor called “Alchemy of 5%.”

Major players keep quiet after crash

Since the price crash on October 10 – in which $ 19 billion worth of crypto was liquidated – most major crypto reserve companies have been quiet. According to David Duong, head of research at Coinbase, many parties have since stopped purchasing completely. “Ghosting,” he calls it.

Companies like Sharplink Gaming and The Ether Machine, once active buyers of ETH, have not added to their holdings in recent weeks.

Strategy, the world’s largest public crypto company, still buys Bitcoin, but the volumes are small. With 487 BTC today, the total purchases over the past five weeks amount to $230 million. For comparison: a year ago the company bought $17 billion worth of BTC in six weeks.