The largest public Ethereum (ETH) holder Bitmine cannot satisfy its hunger for the digital currency. On Monday it happened again: a new purchase worth more than 800 million dollars.
Bitmine buys $820 million worth of ETH
BitMine Immersion Technologies (BMNR) added a whopping 179,251 Ethereum to its balance sheet last week, worth $820 million at the time of the purchase. The company announced the purchase in a press release last Monday.
The company now owns 2.83 million ETH, worth more than $12.7 billion at the current price of almost $4,500. With its reserve, Bitmine has a huge lead over the rest of the market. Number two is Sharplink Gaming which owns 838,000 ETH worth $3.76 billion.
In total, there are 67 public ETH reserve companies. They jointly own 5.66 million ETH, worth $25.42 billion. That’s 4.7 percent of Ethereum’s total circulating supply.
Share falls along with Ethereum
Investors responded positively on Monday. BMNR shares rose more than 18 percent to a peak of almost $64. We are now seeing a correction: the share is now trading at $59.
The drop in Bitmine stock is accompanied by the losses we currently see in ETH. The Ethereum price started off strongly last week and rose towards $4,700. This brought the token dangerously close to its all-time high of almost $4,950. Still, ETH fell 4.8 percent in the past 24 hours.
Analyst sees price target of $9,000
Despite the recent decline, analyst ZYN remains convinced that Ethereum can still rise significantly. In a long-term chart dating back to 2017, he shows how previous peaks of the ETH price always coincided with a rising trend line. According to him, that trend line has not yet been reached.
According to ZYN, a further rise in ETH could even lead to a price target of $9,000. This would not only be beneficial for Ethereum investors, but also for the Bitmine share, which moves closely with the cryptocurrency.
Source: https://newsbit.nl/bitmine-breidt-ongekende-ethereum-voorraad-uit-koopt-ruim-800-miljoen-bij/
