BitMine buys the dip, adding $140 million worth of ETH to treasury: onchain analysts

BitMine, the Ethereum treasury firm led by Fundstrat co-founder Tom Lee, reportedly added $140.58 million worth of ETH to its holdings on Tuesday. 

Citing data from Arkham, onchain analysts EmberCN and Lookonchain reported that BitMine acquired 48,049 ETH from a hot wallet on FalconX. This transaction, however, has not been officially confirmed by BitMine. 

BitMine's official disclosure on Monday revealed that the NYSE American–listed company holds 3,967,210 ETH, bought at an average price of $3,074 per ether. That puts the treasury value at around $11.6 billion at current prices.

The world's top corporate Ethereum holder has been executing its aggressive acquisition strategy, consistently buying ETH throughout the year. With a firm commitment to Ethereum's expanding influence in global finance, the company has reaffirmed its long-term objective to secure 5% of the total circulating supply.

The company recently stepped up its purchases despite the ongoing market downturn, buying 240,711 ETH in the first two weeks of December.

BitMine Chair Lee said in the Monday disclosure that the "best days for crypto" lie ahead, pointing to several positive developments throughout the year, such as legislative progress in Washington and rising support from Wall Street.

BitMine's latest ETH purchase came as the cryptocurrency fell below the $3,000 level. Ether is currently trading at $2,926, up 0.24% in the past 24 hours but down 12% in the past week. The company's stock (BMNR) closed up 1.42% on Tuesday at $31.39, according to The Block's price data. The stock is up 551.24% in the past six months.