BitMine expanded its Ethereum holdings this week by nearly $200 million in new purchases, strengthening its position as the largest individual owner of the asset.
This happens while ETH is trading near a one-month low, and after a period of steady distribution from mid-sized wallets, according to on-chain data.
BitMine's acquisitions occur while smaller ETH investors are selling.
Lookonchain, referring to Arkham Intelligence, reported that BitMine bought 22,676 ETH from BitGo on December 6 for around $68.7 million. The transaction suggests an average purchase price of around $3028 per token.
It is worth noting that the company had already acquired 41,946 ETH the day before from FalconX and BitGo for around $130.8 million.
These deals build on BitMine's disclosure last week that they had 3.73 million ETH as of November 30. At today's prices, the holdings are worth more than $11 billion.
BitMine also reported holdings of 192 BTC, a $36 million position in Eightco Holdings, and $882 million in cash.
Strategy ETH Reserve data shows that the company now owns more ETH than the next five competitors combined, including SharpLink and the Ethereum Foundation.
The scale of the company's holdings places BitMine as the second-largest corporate crypto holder by value, only behind Michael Saylor-led Strategy, the largest holder of Bitcoin.
The latest purchases come during a weak period for ETH. BeInCrypto data shows that the token has fallen more than 10% in the last month to around $3027.
Alphractals Ethereum Accumulation Heatmap indicates that wallets holding 1 to 10,000 ETH sold heavily near this cycle's recent peak. These addresses continue to offload tokens, putting pressure on the market.
However, larger whales with more than 10,000 ETH have shown limited activity, with light distribution but no strong accumulation.
Despite the weakness, several analysts maintain a bullish long-term outlook.
Fundstrat CEO and BitMine chairman Tom Lee said that Ethereum could reach $12,000 if Bitcoin rises to $250,000, referencing the historical relationship between both assets and increased demand for tokenized real-world assets.
He added that ETH could rise as high as $62,000 if the valuation ratio to Bitcoin expands over time.
