BitMine Buys The Dip Again, Has Scooped Up $1.48 Billion In Ethereum Since Market Crash

BitMine, the world’s largest corporate holder of Ethereum, bought another $281 million worth of ETH yesterday, lifting its total purchases to $1.48 billion since the flash crash on Oct. 10.

According to the X account “BMNR Bullz,” BitMine bought another 72,898 ETH for $281 million yesterday, and a total of 379,271 ETH in three separate buys since the record $19 billion in liquidations during the crash earlier this month.

BitMine bought 104,336 ETH for around $471 million three days ago and another for 202,037 ETH shortly after the market-wide pullback.

BitMine, which has not confirmed the recent purchases, has around 3.03 million ETH on its balance sheet worth $11.84 billion, according to data from StrategicETHReserve. 

That was as the largest altcoin by market cap dipped to as low as $3,854.65 during the past day of trading. It has since recovered to trade at $3,898.04 as of 1:51 a.m. EST, data from CoinMarketCap shows. 

ETH price (Source: CoinMarketCap)

DAT Treasury Bubble May Have Burst

BitMine’s continued ETH accumulation comes even after the firm’s chairman, Tom Lee, said the bubble around digital asset treasury (DAT) firms may have burst. 

According to Lee, many DAT firms are now trading below their net asset values (NAVs).

BitMine itself has seen its share price trade in a continued downtrend as the initial euphoria around its Ethereum treasury pivot, which saw its stock soar more than 633% in the past six months, begins to cool.

In the past month, however, BitMine’s shares have slid over 18%, according to Google Finance. 

BitMine share price (Source: Google Finance)

Much of those losses were recorded in the past week, when its share price slumped over 7%.

Lee Says ETH Could Flip BTC

The latest purchases also come during the same week that Lee predicted Ethereum will eventually become the largest crypto by market cap.

“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post 71,” Lee said in a recent interview with ARK Invest’s CEO Cathie Wood.

Lee then said that the rise in the amount of US dollars that are moving onto the blockchain could benefit ETH’s price. 

Ethereum currently has a 53.7% share of the $304.492 billion stablecoin market, according to DefiLlama. 

Lee pointed to how the US dollar became the dominant currency globally after US President Richard Nixon took the currency off of the gold standard in 1971 and institutions started building products around the currency.

“Dollar dominance is going to be the opportunity of Ethereum,” Lee said, adding that everything is becoming tokenized. 

Bitcoin currently has a market capitalization of more than $2.131 trillion, data from CoinMarketCap shows, while Ethereum’s stands at $470.6 billion.