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Bitmain expanded its Ethereum business this week with a new purchase of nearly $200 million, strengthening its position as the largest single holder of the asset.
The move comes with Ethereum trading near its lowest level in a month, and comes after a period of distribution supported by medium-sized wallets, according to data on the chain.
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The BitMine acquisition comes amid a divestment by small ETH holders
Lookonchain, citing Arkham Intelligence, reported that Bitmain purchased 22,676 ETH from BitGo on December 6 for approximately $68.7 million. The transaction indicates an average purchase price of approximately $3,028 per token.
Interestingly, the company had already purchased 41,946 ETH the previous day from FalconX and BitGo for about $130.8 million.
These deals are based on Bitmain’s disclosure last week that it owns 3.73 million ETH as of November 30. At current prices, the lot is worth more than $11 billion.
Bitmain also said it owns 192 bitcoins, a $36 million position in Eightco Holdings, and $882 million in cash.
Show up Data The Ethereum backup storage that the company now hold more than Its next five peers combined, including SharpLink and the Ethereum Foundation.
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The size of its treasury ranks Bitmain as the second largest cryptocurrency holder by value among companies, behind only Bitcoin. A strategy led by Michael Saylor, the largest institutional holder of Bitcoin.
The recent purchases come during a weak period for Ethereum. BeInCrypto data shows that The token is down more than 10% in the past month At about $3,027.
The Alphractal Ethereum Accumulation Heatmap indicates that wallets containing 1 to 10,000 ETH sold very close to the peak of the last cycle. These addresses continue to dilute tokens, adding pressure to the market.
However, larger whales with more than 10,000 ETH show limited activity, with light distribution but no strong accumulation.
Despite the weakness, many analysts still maintain an optimistic long-term outlook.
Fundstrat CEO and BitMaine President Tom Lee said Ethereum could reach $12,000 if Bitcoin rises to $250,000, citing the historical relationship between the two assets and the growing demand for tokenized real assets.
He added that ETH could rise to $62,000 if its valuation ratio compared to Bitcoin expands over time.
