BitMine buys an additional 33,000 Ethereum… 100 million dollars scale

The world's largest Ethereum (ETH) reserve firm, BitMine (BitMine), has purchased an additional 100 million dollars (about 150 billion won) worth of Ethereum.

On the 31st (local time), Cointelegraph reported that BitMine bought 32,938 Ethereum the previous day (the 30th). It is valued at 97.6 million dollars at current prices. Cointelegraph said, "BitMine's current Ethereum holdings are on the order of 12 billion dollars," and "this large purchase was made amid an overall downturn in the cryptocurrency market."

Also, BitMine is reported to have staked an additional approximately 119,000 Ethereum. BitMine has begun actively staking the Ethereum it holds this month.

According to the Strategic Ethereum Reserve, BitMine's Ethereum holdings were counted at 4,070,000 as of that day. This amounts to 3.36% of Ethereum's total supply, valued at 12 billion dollars (about 17.4 trillion won). BitMine's goal is to secure 5% of Ethereum's supply.

Meanwhile, BitMine has pointed to 'tax-motivated selling' as the background for the recent decline in major cryptocurrency prices. Tom Lee, chairman of BitMine, said on the previous day (the 30th), "Year-end selling to reduce taxes is pulling down the prices of cryptocurrencies and crypto-related stocks," and "this effect usually appears most strongly between December 26 and 30, and (BitMine) is responding to the market considering this environment."