BitMine Immersion Technologies has purchased nearly $70 million worth of Ethereum (ETH) over the past three days, signaling continued confidence in the crypto giant despite a broader market slump.
Key Takeaways:
- BitMine acquired around $70 million worth of ETH in a short three-day span, bringing total holdings to approximately 3.7 million ETH.
- The company’s purchases come even as ETH trades below BitMine’s average cost of ~$3,008 per token.
- ETH’s technical indicators points to oversold conditions, yet BitMine accumulation is still active, reflecting long-term investment strategy.
BitMine Immersion Technologies, one of Ethereum’s largest corporate holders, executed fresh purchases totaling roughly $70 million over the past weekend, according to blockchain tracking data. The buy included 7,080 ETH (~$19.8 million) on Sunday and 16,693 ETH (~$50.1 million) earlier in the weekend.
The purchases bring BitMine’s total ETH holdings to approximately 3.7 million tokens, representing about 60–62% of the firm’s target to hold 5% of Ethereum’s total supply. The company’s average cost basis is roughly $3,008 per ETH. Despite prices being below this level, BitMine has maintained its strategy of gradual accumulation, highlighting its long-term confidence in Ethereum.
Market Update: Ethereum Remains Under Pressure
At the time of writing (1:00PM UTC), Ethereum (ETH) is trading at approximately $2,838.50, reflecting 0.1% gain over the past 24 hours, peaking intraday highs near its current price and touching intraday lows around $2,724.95. The token’s 24-hour price momentum suggests a recovery phase following yesterday’s noticeable dip from around $3,000 to $2,700. Meanwhile, Ethereum remains negative around 7% over the past week.
The current environment reflects a weak crypto market sentiment, making BitMine’s aggressive buying a notable counter-trend move. By continuing to accumulate ETH while prices remain depressed, BitMine is effectively positioning itself to benefit if a market recovery occurs.
Institutional Moves Signal Confidence
BitMine’s purchases underscore a growing trend of institutional conviction in Ethereum. By acquiring large amounts during market dips, the firm reduces circulating supply and demonstrates patience uncommon among retail investors. Analysts note that institutional accumulation during bear phases often signals confidence in long-term crypto fundamentals, such as smart contracts adoption, staking, and enterprise use cases.
This strategy also highlights BitMine’s readiness to buy in oversold conditions, betting on eventual price recovery. Such moves could encourage other institutional investors to follow suit, potentially stabilizing Ethereum’s market performance over time.
What’s Next for Ethereum
Looking ahead, BitMine is expected to continue accumulating ETH as long as prices remain below its cost basis. The firm’s buying could gradually tighten supply and exert upward pressure if demand rebounds.
However, short-term risks persist. Macro headwinds, bearish technical indicators, and negative sentiment may slow any recovery. Still, potential catalysts such as Ethereum network upgrades, renewed institutional interest, or macroeconomic easing could bolster the market, validating BitMine’s long-term strategy.
In summary, BitMine is taking a calculated, long-term approach by purchasing Ethereum during a downturn, a move that signals strong institutional confidence and a potential bullish outlook for the crypto market.
Summary
BitMine Immersion Technologies bought nearly $70M of ETH over a weekend, raising holdings to about 3.7M ETH as it continues a long-term accumulation plan despite short-term market weakness.
