Bitmain added 69,822 Ethereum last week… total holdings surpass 3.62 million ETH

Bitmain, the world's largest holder of Ethereum (ETH), said it purchased an additional 69,822 ETH last week.

On the 24th (local time), according to PR Newswire, Bitmain said that as of the 23rd it holds 3,629,701 Ethereum, 192 Bitcoin (BTC), cash of $800 million, and other assets, totaling about $11.2 billion. This is approximately 3% of the total Ethereum supply. The company plans to increase its long-term holding ratio to 5%.

Tom Lee, Fundstrat's chairman and chairman of Bitmain's board, said, "Bitmain purchased an additional 69,822 ETH last week," and added, "Although Ethereum's price has been weak recently, considering a future upswing cycle, the risk-reward is favorable."

Bitmain operates businesses based on the Bitcoin and Ethereum networks and maintains a strategy of long-term accumulation of crypto assets through mining, regular purchases (DCA), capital raising, and so on. Its Ethereum holdings are the largest among global companies, and it ranks second among all crypto treasury companies after MicroStrategy.

Meanwhile, Bitmain plans to launch 'MAVAN (Made in America Validator Network)' in early next year to strengthen its own staking infrastructure.