BitMine, the world’s biggest Ethereum treasury, chaired by Tom Lee, has added more Ethereum tokens to its rapidly expanding Ethereum treasury despite growing uncertainties across the crypto market.
Following recent Ethereum purchases identified from the platform, it appears that BitMine has not relented on its long-term conviction in Ethereum after acquiring $132 million worth of ETH over the past week, according to on-chain data from blockchain intelligence platform Arkham.
While BitMine has continued its aggressive Ethereum buying spree, its latest purchase has seen the treasury reach a massive $12.24 billion.
While the firm also boasts holding about $1 billion in cash, it has sufficient resources to continue accumulating Ethereum while expanding its large Ethereum treasury.
The data showcased by the source revealed a steady withdrawal of large amounts of ETH into BitMine-associated wallets over the past week, with individual transfers ranging from 15,000 to 28,000 ETH per transaction.
While the data further showed that some of the transfers were moved through Ethereum’s BatchDeposit contract, it appears that BitMine has moved a portion of the funds for staking purposes.
Following its consistent accumulation of Ethereum, even during periods of high volatility, BitMine now controls about 3.39% of Ethereum’s total circulating supply, positioning the firm as the largest holder of Ethereum and a major force that can easily influence the asset’s market movement.
While BitMine now holds $12.24 billion in its treasury, the firm would need to purchase an additional $2.2 billion worth of ETH at current prices to hit the major 4% Ethereum ownership target, according to analysis provided by the source.
With its consistency in regular Ethereum purchases, coupled with the $1 billion held in cash and the firm’s sufficient liquidity position, BitMine is expected to hit the 4% threshold in the near future.
Following BitMine’s aggressive purchases, Ethereum has returned to the positive trading side, showing a decent increase of 1.53% over the last day while trading at $2,980 as of writing time.
