Key facts
- Bitmine Immersion Technologies acquired 27,084 ETH for approximately $43 million.
- The firm's total ETH holdings now stand at over 5.7 million, representing 4.7% of the circulating supply.
- Bitmine's Chairman, Tom Lee, attributed current crypto market weakness to quarter-end 'window dressing'.
- Bitcoin and Ether are heading for their third consecutive quarterly loss.
- Bitmine Immersion Technologies has joined the Russell 1000 index.
Ethereum treasury firm Bitmine Immersion Technologies acquired an additional 27,084 ETH, valued at approximately $43 million, increasing its total holdings to over 5.7 million ETH, representing 4.7% of the cryptocurrency's circulating supply. The firm's total ETH holdings are now valued around $9 billion, and it also holds approximately 206 Bitcoin, worth $12.3 million. Bitmine Chairman Tom Lee attributed the current crypto market weakness to 'window dressing' as investors rebalance portfolios at the end of the quarter, noting that ETH fell by 8% last week. Bitcoin and Ether are on track for their third consecutive quarterly loss. Bitmine Immersion Technologies recently joined the Russell 1000 index. In contrast, top Bitcoin treasury firm Strategy opted against accumulating BTC last week and approved plans to sell up to $1.25 billion worth of Bitcoin to build up cash reserves.