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ETH Bitmine, an Ethereum fund library company led by Tom Lee, continues to increase its holdings in institutional Ethereum. According to online data analyst Lookonchain, the company purchased 40,000 Ethereum units worth approximately $70 million. The purchase is considered to be Bitmine\'s latest move to further expand its strategy of Ethereum\'s treasury, the world\'s largest institution.
According to Lookonchain data, the purchase of these 40,000 ETH pieces was made through two different wallet addresses. Analysis based on Arkham Intelligence data showed the funds were transferred out of the hot wallets of FalconX and Kraken. Although Bitmine has not officially confirmed the purchase, it is well known that the company has regularly increased its holdings in Ethereum in recent months, with weekly updates.
Bitmine announced on Monday that it purchased 42,197 ETH units last week, bringing its total Ethereum holdings to 5.74 million ETH units. This amount accounts for approximately 4.8% of Ethereum\'s total circulation supply, slightly below the company\'s target of 5%. According to the same announcement, as of June 28, Bitmine\'s total crypto assets and cash positions were worth US$11.1 billion.
The company also continued to pledge most of its Ethereum positions. According to the latest announcement, 4,879,157 ETH items are currently pledged on the MAVAN network, which the company calls the \"Made in America Verifier Network.\" This suggests that approximately 85% of Bitmine\'s total ETH position is being used to generate passive income. Chairman Tom Lee believes that the actual application scenarios of Ethereum are expanding, and providing USDC transactions on the second-layer network to giants such as Shopify and Visa is beneficial to the long-term prospects.
By comparison, Bitmine shares closed down 4.8% at $14.80 on Tuesday. Analysts pointed out that the company\'s aggressive ETH increase strategy could increase interest from institutional investors, but could also cause short-term stock price fluctuations.
* This is not investment advice.
