The largest ether Treasury firm BitMine Technologies (BMNR) bought the dip in cryptocurrency prices last week, adding 202,037 tokens, $828 million at current prices, to its holdings, the company reported Monday.
“The cryptocurrency sell-off over the past few days created a drop in the price of ETH, which BitMine took advantage of,” BitMine President Thomas Lee said in a statement.
“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discounts to the future’ and this creates advantages for investors, at the expense of traders,” he added.
That purchase raised the company’s ETH holdings to more than 3 million, or 2.5% of the cryptocurrency supply, halfway to the company’s telegraphed goal of acquiring 5% of all ETH on the market.
After Friday’s crypto flash crash, newly created addresses that “probably” belonged to Bitmine withdrew more than 128,718 ETH, or $480 million at the time, from the Kraken exchange and top broker FalconX, blockchain sleuth Lookonchain noted on Saturday. Before that, Lookonchain also attributed another 43,843 ETH in withdrawals to BitMine.
While those addresses have not been noted as BitMine on blockchain intelligence platforms like Arkham, the number of tokens roughly aligns with the company’s updated holdings.
ETH fell from $4,500 on Thursday to as low as $3,500 on Friday night as trade tensions between the US and China flared, and US President Trump announced a 100% increase in tariffs against Chinese goods, in response to China tightening export controls on rare earth metals. ETH recovered to $4,100 as of Monday.
BMNR rose 4.3% in pre-market trading after closing Friday’s session down 11% to $52.47.
