Key Takeaways
BitMine now holds 833K ETH, worth over $3 billion, making it the world’s largest ETH treasury firm and the third biggest player in crypto treasury. Will ETH remain below $4K?
BitMine Immersion Technologies (NYSE: BMNR) has scaled its Ethereum[ETH] treasury holdings to 833.1K ETH, approximately $3.05 billion based on market prices at press time.
This followed the latest purchase of 208.1K ETH on the 4th of August, making it the world’s largest ETH treasury.
BitMine had about twice the holdings of the second-largest ETH treasury firm, SharpLink Gaming, which was 438.2K ETH ($1.6 billion), at press time.
Among crypto treasuries, the firm was ranked third after MicroStrategy and Mara.
Source: BitMine
Tom Lee: ETH is the biggest macro trend of the decade
The aggressive 833K ETH acquisition has been done in less than two months. According to Tom Lee, the chairman of BitMine and FundStrat CEO, ETH is ‘the biggest macro trend.’
“ETH remains one of the biggest macro trends for the next 10-15 years, as Wall Street financializes on blockchain and as AI tokenizes robots.”
BitMine plans to hold 5% of the total ETH supply, about 6 million ETH. At 833K ETH, the firm’s target was only 13% complete.
Besides, it could be the first treasury player to cross 1 million ETH in holdings soon, according to Ryan Adams, crypto investor and host at the Bankless.
Adams added that at the current pace of aggressive accumulation, the ETH may not stay below $4K for long.
Matter of fact, Mike Novogratz, founder of Galaxy Digital, projected that ETH will break above $4K this year. For Lee, the altcoin’s fair value would be $5.7K in the medium term.
Since the ETH crypto treasury exploded in July, the overall ETH acquired by ETFs and the public companies rose from $17 billion to $28 billion as of press time.
This further underscored the demand for altcoin.
Source: Strategic Ethereum reserve
In fact, the narrative for ETH has been so strong that the SOL/ETH ratio has declined nearly 30% since July and about 50% when tracked from May.
In other words, more traders have piled on ETH over Solana [SOL], implying that there was a higher chance of making more money betting on ETH than on SOL, at least if the chart remains the way it is.
Source: SOL/ETH, TradingView
That said, ETH bounced back 10% to $3.7K earlier in the week, but erased part of the recovery gains at the time of writing.
While price momentum has faded since late July as ETH struggled below $4K, the $3.2K was a key support zone on the charts.
Source: ETH/USDT, TradingView
