The greatest ether Treasury firm BitMine Technologies (BMNR) bought into the crypto price decline last week, adding 202,037 tokens, or $828 million at current prices, to its holdings, the company reported Monday.
“The crypto sell-off over the past few days has led to a decline in the price of ETH, from which BitMine has benefited,” BitMine President Thomas Lee said in a statement.
“Volatility creates deleveraging, which can cause assets to trade at a substantial discount to fundamentals, or as they say, a ‘substantial discount to the future,’ which creates benefits for investors, at the expense of traders,” he added.
This purchase brought the company’s ETH holdings to over 3 million, or 2.5% of the crypto supply, halfway to the company’s telegraphed goal of acquiring 5% of all ETH on the market.
Following Friday’s crypto crash, newly created addresses that “probably” belonged to Bitmine withdrew more than 128,718 ETH, worth $480 million at the time, from the Kraken exchange and prime broker FalconX, blockchain sleuth Lookonchain noted Saturday. Prior to this, Lookonchain also attributed withdrawals worth an additional 43,843 ETH to the fact that they could belong to BitMine.
Although these addresses have not been annotated as those of BitMine on blockchain intelligence platforms such as Arkham, the number of tokens roughly matches the company’s updated holdings.
ETH rose from $4,500 on Thursday to $3,500 on Friday evening as trade tensions between the United States and China escalated, with US President Trump announcing a 100% increase in tariffs on Chinese goods, in response to China’s tightening of export controls on rare earth metals. ETH rebounded to $4,100 on Monday.
BMNR was up 4.3% in pre-market trading after closing Friday’s session down 11% at $52.47.
