$ETH A company buying large quantities of Ethereum during price drops

BitMine Immersion Technologies continued its expansion in purchasing Ether, having added more than 7,080 ETH worth approximately 19.8 million dollars to its portfolio, according to data from the Lookonchain platform on December 2, completing a strong buying wave that began at the start of the week.

During the weekend, the wallet associated with the company purchased an additional 16,693 ETH valued at around 50.1 million dollars, bringing BitMine's purchases over just three days to 23,773 ETH, equivalent to more than 70 million dollars.

According to a statement issued on December 1, BitMine now owns more than 3.7 million ETH, solidifying its position as the largest institutional holder of Ether, accounting for over 3% of the total global supply, while the company indicates that it has completed 63% of the way towards its ambitious goal of owning 5% of the total supply.

In November, the company injected massive liquidity into the market by purchasing around 150,000 ETH, benefiting from periods of volatility and price declines.#BitcoinSPACDeal #BitcoinSPACDeal