BitMine adds $417 million worth of Ethereum to treasury during market dip: onchain data

BitMine Immersion Technologies added 104,336 ETH, worth $417 million, to its corporate Ethereum treasury on Wednesday.

Lookonchain, using Arkham data, reported that the ETH was received in three new addresses through seven transactions originating from two wallets, one each from Kraken and BitGo. However, BitMine has not officially confirmed the transaction. 

BitMine's official ETH holdings stood at 3.03 million, worth around $12.2 billion, according to its last update on Oct. 13. The treasury firm, led by Fundstrat co-founder Tom Lee, is currently the largest ETH treasury and the second-largest crypto treasury, behind Michael Saylor's Strategy.

The company has repeatedly stated its goal of accumulating 5% of Ethereum's total supply, and said it is committed to supporting Ethereum's growing role in financial market services. 

Lee has also endorsed Ethereum on multiple occasions. During a discussion at last month's Korea Blockchain Week conference, Lee said Wall Street players and the White House will favor Ethereum in their future blockchain endeavors as it is a "truly neutral chain."

BitMine's $417 million ETH acquisition comes amid a market slump, with ether down 8.7% in the past seven days at $4,028, according to The Block's price data. ETH is currently 18.5% lower than its all-time high of $4,946.

The overall crypto market remains subdued after the largest liquidation event in crypto history flushed out billions over the past weekend. Still, analysts said crypto market fundamentals remain strong for further price growth.

"Those cleaned out are crypto evangelists — they already believe crypto as an investible asset class so much that they speculate using leverage," said Paul Howard, senior director of Wincent. "These people are not going away."