BitMine: "Ethereum reserves top 4.28 million… bought 41,788 ETH last week"

BitMine, the largest holder of Ethereum (ETH) reserves—stoking concerns among many investors amid the recent market downturn—reiterated its Ethereum treasury strategy.

According to PR Newswire on the 2nd (Korea time), BitMine said in a statement that it had "reached holdings of 4.285 million ETH," adding that its total assets, including digital assets (crypto) and cash, "amount to $10.7 billion."

The company said BitMine’s Ethereum holdings account for 3.55% of total Ethereum supply (about 120.7 million). That means it has achieved more than 70% of its target, set six months ago, to "secure 5% of Ethereum supply."

This reflects additional purchases of Ethereum. Last week, BitMine bought a total of 41,788 ETH.

Meanwhile, BitMine is pursuing income diversification through Ethereum staking. The amount of Ethereum staked by BitMine currently stands at 2.897 million ETH.

Tom Lee, chairman of BitMine, said, "The recent weakness in Ethereum prices is due to fundamental factors such as deleveraging and a sharp rise in gold prices, not a slowdown in on-chain activity," adding, "Ethereum’s trading volume and number of active addresses are at all-time highs, so the price is undervalued relative to its long-term value."