Bitmain Bought 96,798 ETH Last Week

Bitmain, the world's largest holder of Ethereum (ETH), said it purchased an additional 96,798 ETH last week, bringing its cumulative holdings to more than 3.72 million.

According to PR Newswire on the 1st (local time), as of the 30th of last month Bitmain holds 3,726,499 ETH (at $3,008 each), 192 Bitcoin (BTC), $882,000,000 in cash, a $36,000,000 stake in Nasdaq-listed Eitco Holdings, among other assets, totaling $12,100,000,000 in virtual assets (cryptocurrencies) and cash equivalents.

The company said, "We purchased 96,798 ETH just last week." This means it holds about 3% of ETH issuance, putting it two-thirds of the way toward the company’s stated target of "5% holdings."

Tom Lee, founder of Fundstrat and chairman of Bitmain, said, "This month's scheduled Ethereum 'Fusaka (Fulu-Osaka)' upgrade will significantly improve scalability, security, and usability," adding that "the end of the US central bank (Fed)'s quantitative tightening (QT) and expectations of rate cuts could also be favorable for ETH prices."

He added, "After the 'large-scale liquidation' shock in the futures market last October, the market has already entered a stabilization phase for more than seven weeks."