TLDR
- BitMine Immersion Technologies acquired 23,773 ETH over the past three days, totaling nearly $70 million in purchases.
- The firm’s recent purchases include 7,080 ETH for $19.8 million on Monday and 16,693 ETH for $50.1 million on Saturday.
- BitMine is now 62% of the way toward its goal of holding 5% of the total Ether supply.
- Despite current market conditions, BitMine’s average purchasing price for ETH stands at $3,008, putting the firm in the red.
- BitMine’s chairman, Tom Lee, revised his Bitcoin price prediction, now expecting Bitcoin to reach a new all-time high by January.
BitMine Immersion Technologies continues to accumulate Ether during the current market downturn. Over the past three days, it purchased an additional 23,773 ETH. This follows a broader strategy to secure more Ether despite market challenges.
BitMine’s Recent Purchases of 7,080 ETH
On Monday, BitMine acquired 7,080 ETH for about $19.8 million. The acquisition took place as Ether faced market volatility. BitMine’s active buying signals its belief in a potential rebound for Ethereum.
The same wallet also added 16,693 ETH for approximately $50.1 million on Saturday. These moves bring the firm’s total Ether purchases over the past three days to nearly $70 million. This strategy aligns with BitMine’s goal of increasing its digital asset holdings.
BitMine has been increasing its Ether position steadily. It aims to hold 5% of the total Ether supply. The firm is now 62% of the way to reaching this ambitious target.
At current prices, BitMine is in the red. The firm’s average purchasing price is $3,008 per ETH, according to recent reports. Despite being in a loss position, BitMine continues to position itself for long-term growth.
Tom Lee, BitMine’s chairman, has adjusted his Bitcoin price outlook. He previously predicted Bitcoin could reach $250,000 by the end of 2025. However, Lee now speculates that Bitcoin may hit a new all-time high by the end of January.
In an interview on Sunday, Lee explained, “I do think Bitcoin can make an all-time high by the end of January.” His revised prediction hinges on a recovery in equities, which he expects to drive further growth.
Market Conditions and Challenges for Crypto
While BitMine continues to increase its Ether holdings, the broader crypto market remains under pressure. Jeff Dorman, the CIO of Arca, noted that the reasons behind the market downturn are unclear. He argued that the fundamentals for crypto remain strong.
Dorman pointed out that traditional markets like equities, credit, and gold are all reaching new all-time highs. He suggested that liquidity issues could be hindering crypto’s growth potential.
BitMine’s aggressive purchasing strategy has positioned it as the largest ETH digital asset treasury firm. According to strategicethreserve.xyz, BitMine leads the market by a significant margin. The firm’s acquisitions over the past weeks signal its confidence in Ethereum’s future.
Despite market challenges, BitMine’s commitment to expanding its Ether holdings continues. The firm’s strategy reflects a broader belief in Ethereum’s potential as the market recovers.
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