Ethereum price today: BitMine Immersion, a major cryptocurrency miner, revealed on Monday that it had added more than $265 million in Ethereum to its treasury last week, even as ETH and other crypto prices slid, as per a report. Despite the purchase, the company’s stock dropped 12%, closing at $29.10 after nearing $35 on Friday.
The NYSE-listed firm said it acquired 96,798 ETH, bringing its total Ethereum holdings to 3,726,499 ETH, valued at roughly $10.1 billion at current prices, as reported by Decrypt.
BitMine also holds 192 Bitcoin, worth nearly $16 million, alongside unencumbered cash of $882 million and a $36 million stake in crypto treasury Eightco. The company’s stock has surged 301% year-to-date, according to Yahoo Finance data.
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Ethereum’s price recently fell 9.7% in a 24-hour period, trading around $2,745 per coin. BitMine reported paying an average of $3,008 per Ethereum, with current prices 45% below ETH’s August peak of $4,946.
Despite the slump, BitMine Chair and Fundstrat Global Advisors Managing Partner Tom Lee said markets had stabilized since the October 10 liquidation shock.
Lee said, “We are now more than seven weeks past the October 10th liquidation shock event, meaning the crypto market has found its bearings again,” adding, “Collectively, we see these acting as positive tailwinds for ETH prices and thus, we stepped up our weekly purchases of ETH by 39%,” as quoted by Decrypt.
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The crypto sector experienced a brutal October crash that wiped out a record $19 billion in open interest. During this period, crypto treasuries have drawn increased scrutiny.
On Monday, Strategy, the largest company in the category, announced the creation of a $1.44 billion reserve aimed at providing smooth dividend payouts even during Bitcoin downturns. While the reserve may help prevent the sale of its 3.1% stake in the total Bitcoin supply, Strategy did not rule out selling BTC, reflecting a recent shift in its stance.
Strategy’s stock (MSTR) dropped more than 8% to below $163 per share, down 70% from its all-time high of $543 last year. Other crypto treasury stocks have also seen declines in recent weeks.
Meanwhile, Bitcoin, the largest cryptocurrency by market capitalization, has fallen nearly 15% year-to-date. BTC was recently trading at $85,000, down 7% in the past 24 hours and about 32% below its record high above $126,000 in early October.
In a Myriad prediction market run by Dastan, over 76% of respondents forecast that Ethereum could drop to $2,500 in its next major move, while the remainder expect a rebound to $4,000, as per the Decrypt report.
How much Ethereum does BitMine now hold?
BitMine holds 3,726,499 ETH, worth about $10.1 billion at current prices.
What is Ethereum trading at currently?
ETH is trading around $2,745, down 9.7% in 24 hours.
