Highlights
BitMine, led by Tom Lee, now holds $7.19 billion worth of Ethereum. The firm sits on $1.9 billion in unrealized profit. It recently added another $45 million in ETH to its treasury. The purchase comes as the Ethereum network records all-time highs in transactions and active addresses.
This fresh purchase confirms BitMine’s role as the largest ETH treasury in the world. Data from Arkham shows BitMine now controls roughly 1.518 million ETH, valued at about $7.19 billion.
The latest purchase added nearly 9,500 ETH to BitMine’s treasury. Since the buy occurred at current prices near $4,735, it has not generated an immediate gain. However, the firm’s earlier acquisitions, made at an average entry price of $3,492, are now deeply profitable. At today’s price level, BitMine is sitting on around $1.9 billion in unrealized profit.
This level of profit shows the advantages of accumulation techniques combined with a strong belief in Ethereum’s growth in the long-term. The fact that Tom Lee decided to further increase his ETH exposure through BitMine emphasizes the view of major investors.
They believe that Ethereum is yet to reach its full potential in terms of growth. An ETH price forecast by XRP lawyer John Deaton reinforces this sentiment.
With nearly $1.9 billion of paper gains and no signs of slowing down in purchases, the actions of BitMine indicates how institutional activity can provide long-term market impetus.
BitMine’s latest purchase further proves its confidence in ETH as an asset and a strong belief in the network’s fundamentals. Those fundamentals have rarely looked stronger.
According to data shared by Token Terminal, Ethereum Layer 1 is recording all-time highs in both daily transactions and active addresses. The surge in usage shows that more individuals and applications are relying on Ethereum than ever before.
What is more interesting about this development is that gas prices are at their all-time low despite the increased amount of activity. This indicates that Ethereum has made major breakthroughs regarding scaling. Scaling improvements have boosted price optimism, with analysts pointing to an ETH breakout target near $5,500
Users have been able to conduct many transactions at high efficiency and at low costs. Increased network activity and a low fee structure solidifies the asset as a long-term asset of store value.
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